First Bank of the United States

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First Bank of the United States
First Bank of the United States.jpg
Headquarters Philadelphia , Pennsylvania , United States
founding 1791
Dissolution / merger 1811
country the United States
currency

U.S. dollar

ISO 4217 USD
successor

Second Bank of the United States

List of central banks

The First Bank of the United States ( German  " First Bank of the United States " ) had been proposed by Alexander Hamilton to reduce the war debts caused by the War of Independence , to develop a national currency, and to dispose of the western areas. Located in Philadelphia, Pennsylvania (first in the Carpenter's Hall building) when this city was still the capital, it was granted its privileges for 20 years in 1791, which consequently expired in 1811. It 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 raised questions about its constitutionality early on in the new government. Hamilton, now Treasury Secretary, argued that the bank was an effective means of gaining the government's authorized power. Foreign Secretary Thomas Jefferson, on the other hand, argued that the bank violated traditional property rights and that its relevance to the constitutionally authorized forces was weak.

The teachings on which the bank was based included:

  1. Sound funding, with government budget deficit balanced except during wartime
  2. Sound banking with gold reserves
  3. Lending institution as final availability
  4. The issued banknotes can serve as a means of national policy

When the First Bank of the United States was founded, there were major disputes. Many protested against the bank on the grounds that it was never provided for by the constitution. However, those who wished to keep the bank said that the constitution had not banned a national bank either, so the government was able and entitled to create one. This and many other controversies helped create the first two political parties in the United States. The Federalist Party , backed by Hamilton, favored a national bank, while Jefferson's Republicans vehemently opposed it.

The First Bank of the United States building has been a National Historic Landmark since May 1987 and is listed as a building on the National Register of Historic Places .

Web links

Commons : First Bank of the United States  - Collection of pictures, videos and audio files

Individual evidence

  1. ↑ Listing of National Historic Landmarks by State: Pennsylvania. National Park Service , accessed February 12, 2020.
    First Bank of the United States on the National Register of Historic Places , accessed February 12, 2020.

Coordinates: 39 ° 56 '53.3 "  N , 75 ° 8' 48.5"  W.