The tight money policy Cheves implemented—a principled effort to cope with the financial disaster—had the effect of deepening the depression, undermining the recovery that was already underway. Through public land debt relief legislation, Cheves managed to reduce the bank's land debt by $6 million within a year of assuming his position as BUS President. Specie was also replenished to a great extent, increasing from $2.5 million in 1819 to $3.4 million by 1820 and further rising to $8 million by 1821. As an added consequence, banknotes in circulation were reduced by about $23 million within a span of four years from 1816 to 1820.