The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on Februa. It followed the Bank of North America, the nation's first de facto central bank. The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency. It was built while Philadelphia was still the nation's capital. Alexander Hamilton conceived of the bank to handle the colossal war debt — and to create a standard. Proposed by Alexander Hamilton, the Bank of the United States was established in 1791 to serve as a repository for federal funds and as the government's fiscal agent. Although it was well managed and profitable, critics charged that the First Bank's fiscal caution was constraining economic development, and its charter was. The First Bank of the United States. 1. The War for Independence was over. The spirited, though often tattered, militia of the American colonies had defeated the army of one of the greatest nations in the world. Great leaders had emerged from the conflict: George Washington, John. Adams, and Thomas Jefferson, to name. After the Revolutionary War, the United States faced overwhelming debt and an uncertain commercial future. As a response, Secretary of the Treasury Alexander Hamilton stepped forward with a plan to establish a national bank, which would give the federal government more authority to handle the fiscal. The War for Independence was over, but all was not well. The United States of America, a name the new country had adopted under the Articles of Confederation, was beset with problems. The 1780s saw widespread economic disruption. The new nation's leaders had their work cut out for them: reestablishing commerce. Birth of the Bank. In February 1791, the First Bank of the United States (1791- 1811) received a unique national charter for twenty years. Alexander Hamilton's brainchild, a semi-public national bank, was a crucial component in the building of the early U.S. economy. The Bank prospered for twenty years and performed. The most controversial action of Treasury Secretary Alexander Hamilton under President George Washington was the creation of the First Bank of the United States. Bank of the United States, central bank chartered in 1791 by the U.S. Congress at the urging of Alexander Hamilton and over the objections of Thomas Jefferson. The extended debate over its constitutionality contributed significantly to the evolution of pro- and antibank factions into the first American political parties— the.
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