In 1810, Gallatin published "Report on the Subject of Manufactures", in which he unsuccessfully urged Congress to create a $20 million federal loan program to support fledgling manufacturers. He was also unable to convince Congress to renew the charter of the First Bank of the United States (commonly known as the national bank). Although the national bank had been established as part of Hamilton's economic program, and Jefferson believed that it was "one of the most deadly hostility existing against the principles and form of our Constitution," Gallatin saw the national bank as a key part of the country's financial system. In a letter to Jefferson, Gallatin argued that the bank was indispensable because it served as a place of deposit for government funds, a source of credit, and a regulator of currency. In January 1811, the national bank was effectively abolished after the House and the Senate both defeated bills to recharter the national bank in extremely narrow votes. In response, Gallatin sent a letter to Madison, asking for permission to resign and criticizing the president for various actions, including his failure to take a strong stance on the national bank. Shortly afterwards, Madison replaced Secretary of State Smith with James Monroe, and Gallatin withdrew his resignation request.