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Topic: First Bank of the United States


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  First Bank of the United States - Wikipedia, the free encyclopedia
The First Bank of the United States was proposed by Alexander Hamilton to relieve the war debt from the United States Revolutionary War, develop a national currency, and dispose of the western territories.
It followed the Bank of North America and it was succeeded by the Second Bank of the United States.
Secretary of State Thomas Jefferson argued that the Bank violated traditional property law and that its relevance to constitutionally authorized powers was weak.
en.wikipedia.org /wiki/First_Bank_of_the_United_States   (332 words)

  
 EH.Net Encyclopedia: First Bank of the United States
The death of the Bank was another chapter in an ongoing debate between the early leaders of the country who were split between those who preferred a weak central government on the one hand and those who desired a strong central government on the other.
The chartering of a national economic institution, a Bank of the United States, marks the take-off of the Federalist financial revolution that began several years earlier with the signing of the Constitution.
The political die of the United States was cast with that document, and by 1792 the economic base of Federalism was in place, first with the Federal funding of national and state war debts, and second, with a sound national Bank in place to give coherence to the developing U.S. financial system.
eh.net /encyclopedia/article/cowen.banking.first_bank.us   (2378 words)

  
 Second Bank of the United States - Wikipedia, the free encyclopedia
The Second Bank of the United States was founded in 1816, five years after the expiration of the First Bank of the United States out of desperation to stabilize the currency.
The legality of the Bank was upheld in the 1819 Supreme Court of the United States case McCulloch v.
At this time, President Andrew Jackson thoroughly disliked the Second Bank of the United States because of its fraud and corruption, and is, in some circles, considered primarily responsible for its demise.
en.wikipedia.org /wiki/Second_Bank_of_the_United_States   (989 words)

  
 Bank of the United States - Britannica Concise   (Site not responding. Last check: 2007-11-06)
Reconstituted in 1816, the Bank of the United States continued to stir controversy and partisanship, with Henry Clay and the Whigs ardently supporting it and Andrew Jackson and the Democrats fervently opposing it.
Bank of the United States - Bank chartered in 1791 by the U.S. Congress.
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.
concise.britannica.com /ebc/article-9074322   (1449 words)

  
 First Bank of the United States
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.
The First Bank's charter was drafted in 1791 by the Congress and signed by George Washington.
The bank was originally housed in Carpenters' Hall from 1791 to 1795.
www.ushistory.org /tour/tour_1bank.htm   (282 words)

  
 Bank of the United States
Bank of the United States, name for two national banks established by the U.S. Congress to serve as government fiscal agents and as depositories for federal funds; the first bank was in existence from 1791 to 1811 and the second from 1816 to 1836.
1960); W. Bank of the United States: The First Bank - The First Bank The first bank was established under the auspices of the Federalists as part of the...
Bank of the United States: The Second Bank - The Second Bank Financing the War of 1812 proved difficult because of the lack of a central bank,...
www.infoplease.com /ce6/history/A0806067.html   (317 words)

  
 National Park Service: The U.S. Constitution
First Bank of the United States, Philadelphia, Pennsylvania
The First Bank of the United States—originally called the Bank of the United States—operated from 1797-1811, on Third Street, midway between Chestnut and Walnut streets.
In adopting Hamilton's proposal and chartering the bank both the Congress and the President took the necessary first steps toward implementing a sound fiscal policy that would eventually ensure the survival of the new federal government and the continued growth and prosperity of the United States.
www.cr.nps.gov /history/online_books/butowsky2/constitution5.htm   (1378 words)

  
 The Founding of the Fed - Federal Reserve Bank of New York   (Site not responding. Last check: 2007-11-06)
The First Bank of the United States had a capital stock of $10 million, $2 million of which was subscribed by the federal government, while the remainder was subscribed by private individuals.
As with the First Bank of the United States, the charter was to run for 20 years, one-fifth of the stock was owned by the federal government and one-fifth of the directors were appointed by the President.
This attack on the Bank's power drew public support, and when the charter of the Second Bank of the United States expired in 1836, it was not renewed.
www.ny.frb.org /aboutthefed/history_article.html   (1894 words)

  
 United States (from bank and banking) --  Britannica Student Encyclopedia
The first bank in the United States was the Bank of North America, which was founded in Philadelphia by Robert Morris in 1782 (see Morris, Robert).
Besides the 48 contiguous states that occupy the middle latitudes of the continent, the United States includes the state of Alaska, at the northwestern extreme of North America, and the island state of Hawaii, in the mid-Pacific Ocean.
The coterminous states are bounded on the north by Canada, on the east by the...
www.britannica.com /ebi/article-197233?tocId=197233   (905 words)

  
 Bank of the United States on Encyclopedia.com   (Site not responding. Last check: 2007-11-06)
BANK OF THE UNITED STATES [Bank of the United States] name for two national banks established by the U.S. Congress to serve as government fiscal agents and as depositories for federal funds; the first bank was in existence from 1791 to 1811 and the second from 1816 to 1836.
The first bank was established under the auspices of the Federalists as part of the system proposed by Alexander Hamilton to establish the new government on a sound economic basis.
It became especially prosperous under the management of Nicholas Biddle, but was criticized by state banks and frontiersmen on the grounds that it was too powerful and that it operated in the interests of the commercial classes of the East.
www.encyclopedia.com /html/section/bankus_thefirstbank.asp   (1217 words)

  
 First Bank of the United States
As Secretary of the Treasury in President George Washington's first cabinet, Alexander Hamilton negotiated the first loan obtained by the new government in 1789.
The BNY thus became the first Bank of the United States (BUS), but it was not the first bank in America.
State and local bank interests were displeased with the competition and lobbied hard for the demise of the BUS.
www.u-s-history.com /pages/h443.html   (781 words)

  
 From Revolution to Reconstruction: Essays: central banking USA 03
The First Bank of the United States is considered a success by economic historians.
In addition, the currency issued by the Bank was not discounted, whereas the currency issued by the 712 state banks were discounted anywhere from 0 to 100 percent.
Following the Bank's disappearance, state banks, unhindered by either state regulations or the discipline imposed by the Bank of the U.S., greatly increased the number of bank notes in circulation.
odur.let.rug.nl /~usa/E/usbank/bank03.htm   (429 words)

  
 Federal Reserve article - Federal Reserve central bank United States United States Congress December 23 - What-Means.com   (Site not responding. Last check: 2007-11-06)
It was created by the United States Congress and enacted on December 23, 1913, when President Woodrow Wilson signed the Owen-Glass Act into law.
In 1781 the Continental Congress chartered the Bank of North America at the prodding of Robert Morris and was rechartered in 1784.
Alexander Hamilton lobbied for the first privately-owned Federal Bank, and in 1789 Congress chartered the First Bank of the United States for 20 years.
www.what-means.com /encyclopedia/Federal_Reserve   (1250 words)

  
 National Park Service: The U.S. Constitution
The Second Bank of the United States, at 420 Chestnut Street, was designed by architect William Strickland and built between 1819 and 1824 at the cost of nearly half-a-million dollars.
The Second Bank of the United States first established itself in Carpenters' Hall in 1817, after Congress determined that a federal bank might spare the country a repeat of the financial crisis the country experienced during the War of 1812.
The bank directors had specified that the design be "a chaste imitation of Grecian architecture, in its simplest and least expensive form," and within these bounds Strickland produced the nation's first public building based on the Parthenon.
www.cr.nps.gov /history/online_books/butowsky2/constitution7.htm   (1643 words)

  
 Second Bank of the United States
The First Bank of the United States, a private institution, was chartered by the Bank of England in 1791 and operated for 20 years as the government’s fiscal agent and depository of funds.
The state of Maryland imposed a tax on the bank's operations, and when James McCulloch, the cashier of the Baltimore branch of the Second BUS, refused to pay the taxes, the issue quickly rose to the Supreme Court.
Supreme Court Chief Justice John Marshall wrote the unanimous decision for the court that declared the tax imposed by the state of Maryland against the Second BUS was unconstitutional.
www.u-s-history.com /pages/h256.html   (1671 words)

  
 Federal Reserve Bank of Philadelphia - Economic Education - History of Central Banking
The bank would be the only national bank, and it would hold the federal government’s deposits and lend to the government and business.
The first Bank of the United States, also called the First Bank, helped transform the country into a more unified national economy, but it was a private institution and foreigners owned 70 percent.
The First Bank was not a central bank in the modern sense, especially since the country had few banks.
www.phil.frb.org /education/history/history_of_Banking1.html   (333 words)

  
 The First Central Bank of the United States
(a) Congress has power to incorporate a bank; and the act of April 10, 1816, to incorporate the subscribers to the Bank of the United States, is a law made in pursuance of the constitution.
A state cannot tax the Bank of the United States, and any attempt by the officers or courts of the state to enforce a law laying a tax upon the property of the Bank, may be restrained by injunction.
Osborne v The Bank of the United States, 9 Wheat.
landru.i-link-2.net /monques/firstbank.html   (994 words)

  
 Reader's Companion to American History - -BANK WAR   (Site not responding. Last check: 2007-11-06)
The Bank War was the name given to the campaign begun by President Andrew Jackson in 1833 to destroy the Second Bank of the United States, after his reelection convinced him that his opposition to the bank had won national support.
Instead, he began placing them in various state banks; by the end of 1833, twenty-three "pet banks" (as they were popularly known) had been selected.
The president of the Bank, Nicholas Biddle, anticipating Jackson's actions, began a countermove in August 1833; he started presenting state bank notes for redemption, calling in loans, and generally contracting credit.
college.hmco.com /history/readerscomp/rcah/html/ah_007700_bankwar.htm   (303 words)

  
 Full text of THE MONEY CHANGERS, by Patrick S. J. Carmack   (Site not responding. Last check: 2007-11-06)
The Bank of England was to be the modem world's first privately owned, national central bank in a powerful country, though earlier deposit banks had existed in Venice from 1361, in Amsterdam from 1609 and in Sweden from 1661 — where the first banknotes in Europe were issued that same year.
The First Bank of the United States was headquartered in Philadelphia.
As with the Bank of England, the name of bank — the Bank of the United States — was deliberately chosen to hide the fact that it was privately controlled.
reactor-core.org /money-changers.html   (11512 words)

  
 Second Bank of the United States
Before long, even legislators who had opposed the First Bank had to admit that the nation needed a national bank.
State banking interests, Virginia farmers and some Federalists continued their fight against the Bank.
It took six proposals and two years of debate, but, in 1816, Congress finally passed a bill establishing the Second Bank of the U.S. Like the First Bank of the United States, it was chartered for 20 years, and had one-fifth of its stock held by the government.
www.multied.com /NN/economic/secondbank.html   (91 words)

  
 The Bank of the United States and the American Economy — www.greenwood.com
Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established.
A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced.
Alexander Hamilton and the First Bank of the United States
www.greenwood.com /books/bookdetail.asp?sku=GM0866   (409 words)

  
 Bank of the United States of America - 1842   (Site not responding. Last check: 2007-11-06)
The Bank of the United States was founded in 1816, five years after the expiration of the First Bank of the United States and the chaos that ensued.
The legality of the Bank was upheld in the 1819 Supreme Court case McCulloch v.
However, renewal of the Second Bank of the United States was vetoed on July 10, 1832 by Andrew Jackson, so it declined until 1836.
www.scripophily.net /baofunstofam.html   (424 words)

  
 SECOND BANK OF THE UNITED STATES   (Site not responding. Last check: 2007-11-06)
Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That a bank of the United States of America shall be established, with a capital of thirty-five millions of dollars, divided into three hundred and fifty thousand shares, of one hundred dollars each share.
None but a stockholder, resident citizen of the United States, shall be a director; nor shall a director be entitled to any emoluments; but the directors may make such compensation to the president for his extraordinary attendance at the bank, as shall appear to them reasonable.
The bank to give the necessary facilities without any charge, for transferring the funds of the United States to different quarters.
landru.i-link-2.net /monques/2ndbank.html   (1291 words)

  
 First Bank of the United States
Up the street is the First Bank of the United States.
This oldest bank in the United States was erected between 1795 and 1797 and was once described as a "stately...building still standing in lonely grandeur." Since those words were written, the National Park Service has developed the area and the building's splendid setting we see today is the result.
The building was occupied by the First Bank of the United States (founded 1791) until 1811 when its charter lapsed.
www.ushistory.org /districts/historicdistrict/first.htm   (193 words)

  
 National Bank History - Banknotes and Stock Certificates
After that period, a bank could renew the charter for an additional twenty years and continue to keep issuing notes - hence the relationship between the series of 1882 and 1902.
This date is not necessarily the Charter date of the bank, but is generally somewhat later, and rarely, and surprisingly, even earlier; neither is it the date that the note was issued.
Insofar as National Bank Notes are concerned, the dates when they were actually issued are not always consistent with the dates in office of those Treasury Officials whose signatures appear on the notes.
www.nationalbankhistory.com   (3458 words)

  
 First National Groups
The First National Bank of the United States
After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States and authorized it to issue paper bank notes eliminating confusion and simplifying trade.
The bank served as the U.S. Treasury's fiscal agent, performing the central bank functions.
www.firstnationalgroups.com   (328 words)

  
 Find in a Library: Statistical records of the First Bank of the United States
Statistical records of the First Bank of the United States
Subjects: Bank of the United States (1791-1811) -- Statistics.
To find this item in a library, enter a postal code, state, province, or country in the field above.
worldcatlibraries.org /wcpa/ow/27800e218fbf8521a19afeb4da09e526.html   (68 words)

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