![]() Constitution granted, Hamilton put forth a plan that included the Bank of the United States, chartered by Congress. Capitalizing on those circumstances and using powers he believed the new U.S. When Hamilton took office as Treasury secretary in 1789, economic instability and the Revolutionary War debt threatened the nation and the individual state governments. Private citizens, including Philadelphia merchants and financiers, bought shares in the bank with hard money, providing the initial capital reserve for the bank to print notes and provide loans. Proposed by Philadelphia financier and superintendent of finance for Congress Robert Morris (1734-1806), the Bank of North America received a charter from Congress that provided incorporated status. ![]() Hamilton’s nationally-chartered bank followed a Philadelphia precedent, the Bank of North America, established in 1781 to meet the economic challenges facing Americans during the Revolutionary War. After fierce debate, Congress created the Bank of the United States in 1791 to strengthen the financial posture of the government and carry the federal debt. The bank proved to be politically controversial and a foundational point of disagreement between developing political parties. Based in Philadelphia, then the national capital, the bank drew many principal investors from the region and augmented the city’s role as a center of business. Philadelphia, the Place that Loves You BackĬhartered in 1791 as part of the financial and economic reform plans of Alexander Hamilton (1755–1804), the first secretary of the Treasury, the first Bank of the United States played an instrumental role in establishing the nation’s credit.
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