The First Bank of the United States was a central bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. Establishment of the Bank was included in a three-part expansion of federal fiscal and monetary power (along with a federal mint and excise taxes) championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a central bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.
Officially proposed to the first session of the First Congress in 1790, Hamilton's Bank faced widespread resistance from opponents of increased federal power. Secretary of State Thomas Jefferson and James Madison led the opposition, which claimed that the bank was unconstitutional, and that it benefited merchants and investors at the expense of the majority of the population.
The First Bank building is now a National Historic Landmark located in Philadelphia, Pennsylvania within Independence National Historical Park.
Read more about First Bank Of The United States: Relation To Hamilton's Other Economic Policies, Hamilton's Plan, Opposition, Presidential Approval, Expiration of Charter, Purchase By Girard, Bank Building
Famous quotes containing the words united states, bank, united and/or states:
“Prior to the meeting, there was a prayer. In general, in the United States there was always praying.”
—Friedrich Dürrenmatt (1921–1990)
“The prairies were dust. Day after day, summer after summer, the scorching winds blew the dust and the sun was brassy in a yellow sky. Crop after crop failed. Again and again the barren land must be mortgaged for taxes and food and next year’s seed. The agony of hope ended when there was not harvest and no more credit, no money to pay interest and taxes; the banker took the land. Then the bank failed.”
—Rose Wilder Lane (1886–1968)
“Emblem: the carapace of the great crowned snail is painted with all the flags of the United Nations.”
—Mason Cooley (b. 1927)
“If the Soviet Union can give up the Brezhnev Doctrine for the Sinatra Doctrine, the United States can give up the James Monroe Doctrine for the Marilyn Monroe Doctrine: Let’s all go to bed wearing the perfume we like best.”
—Carlos Fuentes (b. 1928)