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- Its primary purpose was to stabilize and improve the nation's credit and handle the financial business of the US government. The bank's establishment was part of a three-part expansion of federal fiscal and monetary power, championed by Alexander Hamilton, first Secretary of the Treasury.
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Why is it called the First Bank of the United States? It was known as the Bank of the United States originally. It was the first of two banks chartered by the Congress of the United States.
- ACknowledgments
- Banking
- Proposing a Solution
- BANKNOTE
- CENTRAL BANK
- CONTINENTAL CURRENCY
- CREDIT CRUNCH
- CUSTOMS DUTIES
- FEDERALIST PARTY
- FINANCIAL BUBBLE
- FINANCIAL CONTAGION
- FISCAL AGENT
- INFLATION
- INITIAL PUBLIC OFFERING (IPO)
- MONETARY POLICY
- PUBLIC DEBT
- REPUBLICAN PARTY
- SUBSCRIPTIONS (OR SCRIPS)
- SINKING FUND
- SPECIE
The Federal Reserve Bank of Philadelphia thanks John Van Horne, director of The Library Company of Philadelphia, and his staff, particularly Nicole Joniec, for their help in providing most of the images that appear in this publication. Thanks also to Independence National Historical Park and its staff, particularly Karen Stevens, Karie Diethorn, ...
Clearly, the new nation’s leaders had their work cut out for them: re-establishing commerce and industry, repaying war debt, restoring the value of the currency, and lowering inflation.
One prominent architect of the fledgling country — Alexander Hamilton, the first Secretary of the Treasury —had ideas about how to solve some of these problems. Unlike other founding fathers, who thought that the United States should remain primarily agricultural, Hamilton researched the history and economic structure of other countries, especial...
A negotiable instrument; a promissory note (promise to pay) that is used as money.
A governmental institution responsible for issuing currency and monetary policy, which involves the overall growth of money and credit and the level of short-term interest rates. The Federal Reserve is now the central bank of the United States.
The currency authorized by the Continental Congress to help finance the Revolutionary War. Continental currency was not redeemable for gold or silver.
A situation in which banks become unwilling or unable to supply additional credit.
A form of tax levied on goods traded internationally.
Generally advocated a strong central government. Federalists were often accused of being elitist or acting in favor of the wealthy.
A market condition created by excessive buying of assets and a resulting run-up in prices.
When problems at one financial institution spill over to others and cause problems at other financial institutions or businesses.
An organization that handles finances for another organization. The First Bank acted as the government’s fiscal agent. Today the Federal Reserve fills the role of fiscal agent for the U.S. government.
A rise in the general level of prices over a sustained period of time.
A company issues common stock or shares to the public for the first time.
AA central bank’s actions to influence the availability and cost of money and credit in the economy, as a means to promote national economic goals.
Money (or credit) owed by the government — federal, state, or local. The government accumulates debt over time by running a deficit; it spends more than it receives in tax revenue. Governments borrow by issuing securities such as government bonds.
In early U.S. history, opposed strong central government; generally wanted to keep the U.S. a nation of farmers. Originally called the Anti-Federalist Party and led by Jeferson. The party later became known as the Democratic-Republican Party, the predecessor of today’s Democratic Party.
Down payments on the purchase of new shares of stock in a company or bank; an initial partial payment of the full amount required to purchase a share of stock, with the remainder paid in installments over a period of time. Scrips were tradable and could be purchased after their initial issuance by others seeking to acquire the company’s or bank’s s...
A cash fund established by a corporation or government to purchase debt it has issued in order to retire the outstanding debt more quickly.
Money in the form of gold or silver. In the colonial period and in the early years of the United States, specie often referred to gold or silver coins.
Feb 3, 2011 · The most interesting and distinctive feature of the first Bank of the United States was its nation-wide operation through a system of branches. It is difficult to present an even reasonably definitive analysis of that system.
The Branches of the First Bank of the United States. x T HE most interesting and distinctive feature of the first Bank of the United States was its nation-wide operation through a system of branches. It is difficult to present an even reasonably definitive analysis of that system. The records available, although more adequate than
3.The First Bank of the United States operates with branches in several cities after having gathered $10 million in capital with an initial raising of equity. 4.Additionally, ten newly chartered state banks. 5.44 new business charters issued, compared to seven during the entire colonial period.
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 traditional banking functions in exemplary ...
Jul 24, 2012 · When the Bank of the United States charter expired in 1811, state banks had been established in Virginia, North Carolina and Kentucky. Branches of the Bank of the United States were eventually established in Boston, New York, Baltimore, Norfolk, Charleston, Savannah, Washington and New Orleans.
