First Bank of the United States

U.S. dollar

Second Bank of the United States

The first Bank of the United States (BUS) was proposed by Alexander Hamilton in order to reduce the damage caused by the War of Independence war debts, to develop a national currency, and to sell the western regions. Based in Philadelphia, Pennsylvania ( first in the building Carpenter 's Hall ) when that city was the capital of, you were in 1791 awarded their franchises for 20 years, which expired hence 1811. She followed the tradition of the Bank of North America, and its successor was the second Bank of the United States.

The establishment of the bank threw in the new government early questions about their constitutionality on. Hamilton, now Finance Minister, argued that the bank is an effective means to achieve the authorized power of the government. Secretary of State Thomas Jefferson, however, argued that the Bank violated traditional property rights and that their significance is weak for the constitutionally authorized powers.

The lessons, based on which the bank included:

As the first Bank of the United States was founded, there was great controversy. Many protested against the bank on the grounds that it was never intended by the Constitution. Those who wanted to retain the bank, but considered that the constitution would have a national bank nor prohibited, which is why the government is able and entitled to create a. These and many other controversies contributed to the creation of the first two political parties in the United States. The Federalist Party, supported by Hamilton, favored a national bank, during Jefferson's Republicans rejected them vehemently.