First National Bank Pros And Cons
The National Bank was also known as the first National Bank. The first National Bank was located in Philadelphia Pennsylvania and built in in 1791. The first National Bank was planned by Alexander Hamilton and was created by the Congress. The first National Bank was a very successful invention, but it did have some pros and cons during the making. Although its not a functional Bank, it was a national historic landmark in Pennsylvania. (History.com staff, 2009) Alexander Hamilton was in charge of the money, which is why he was the Secretary State Treasury. Alexander Hamilton thought that created the Bank would help pay off the Revolutionary War depths and help fund a new government, and to create a new common courtesy (Blinn,2014). The European
…show more content…
Some powerful advisors to President Washington were, James Madison and Thomas Jefferson. These people were important because they had the influence to persuade President Washington not to sign the bill which would allow the National Bank to created. If the President didn’t sign the bill, the first Bank wouldn’t be established. Hamilton had to come up with an argument to persuade him into signing the bill. Washington said it shouldn’t be created because in the constitution, it doesn’t say you can, but Hamilton said it doesn’t say you can’t, with that the bank was created. December of 1791, the Bank had officially opened. The people who were using the Bank was the merchants, Politicians, landowners, manufacturers, and the government of the United States.The note that bank issued created a safer method to circulate money around the Country. (Cowen, 2008)
One of the downfalls of the First Bank was the Panic of 1792. Many people were buying bank notes and loan, which causes a drain on the market. The drain caused financial crisis where the Bank was out of order for a short time. Alexander Hamilton fixed the problem when he bought the shares. The people took this opportunity to show them why the Bank shouldn't be created. When it was time for the bills to be renewed, debates rose in Congress. In February 1811, the bill was thrown out when the Vice
Some powerful advisors to President Washington were, James Madison and Thomas Jefferson. These people were important because they had the influence to persuade President Washington not to sign the bill which would allow the National Bank to created. If the President didn’t sign the bill, the first Bank wouldn’t be established. Hamilton had to come up with an argument to persuade him into signing the bill. Washington said it shouldn’t be created because in the constitution, it doesn’t say you can, but Hamilton said it doesn’t say you can’t, with that the bank was created. December of 1791, the Bank had officially opened. The people who were using the Bank was the merchants, Politicians, landowners, manufacturers, and the government of the United States.The note that bank issued created a safer method to circulate money around the Country. (Cowen, 2008)
One of the downfalls of the First Bank was the Panic of 1792. Many people were buying bank notes and loan, which causes a drain on the market. The drain caused financial crisis where the Bank was out of order for a short time. Alexander Hamilton fixed the problem when he bought the shares. The people took this opportunity to show them why the Bank shouldn't be created. When it was time for the bills to be renewed, debates rose in Congress. In February 1811, the bill was thrown out when the Vice