As the February 20 deadline approached to resume convertibility, the private (i.e. state-chartered) banks withheld cooperation from SBUS officials, loath to submit to the regulatory influence of the central bank—and diminish the large profits derived from the issue of unredeemable paper. On February 1, 1817, an association of bankers from Pennsylvania, New York, Maryland and Virginia met with the new Secretary of the Treasury William H. Crawford and SBUS President William Jones, arranging a compromise which undermined the ability of the central bank to assert its role as creditor to the private banks.