First Bank of the United States is Created

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1791 – First Bank of the United States is Created

First Bank of the United States is Created

Perhaps the most controversial move made by George Washington as president was the creation of the First Bank of the United States. The purpose of the Bank, which was chartered in 1791, was to provide an independent entity for the issuance of credit to the American government and foreign nations. This bank would allow the United States to increase the money that it borrowed from investors, both foreign and domestic, meaning that the government would have sufficient funds with which to operate.

However, the creation of the Bank was not among the powers given to the government by the Constitution, so there was uncertainty over the legality of this action. On one side stood the Federalists, who supported a broad interpretation of the Constitution, and therefore supported the creation of the Bank, as they believed it was in line with the spirit of the Constitution. On the other side of the issue were the Anti-Federalists, who favored a literal interpretation of the Constitution, and with that, a strictly controlled and limited government. As such, this group stood against the Bank, as they believed it opened a path to an ever-enlarging government. A vitriolic debate took place in the public eye, with men on both sides publishing letters and articles in support of their cause. Eventually, the Federalists won the debate, and the Bank was chartered.

First Bank of the United States is Created First Bank of the United States is Created First Bank of the United States is Created First Bank of the United States is Created First Bank of the United States is Created

First Bank of the United States is Created
The 1797 FIrst Bank of the United States, commissioned by Treasury Secretary Alexander Hamilton when the nation adopted a single currency.

 

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