The US Treasury Department and its first 'bank'


The "first" bank in the US.

War and economic hardships typically caused important developments in the initial colonial financial development. Initially under British rule, there was a continental federal parliament after that. But the creation of the US bank - the personal outcome of Treasury Secretary Alexander Hamilton - was an important exception. Hamilton designed the bank as part of the overall plan to create a source of new government credit during peace and prosperity. This new bank not only supports the Ministry of Finance for receipts and expenses but also provides local currency.

Before Hamilton's plan was adopted it was the focus of constitutional dispute over several years. The Constitution prohibits state governments from making monetary money, giving letters of credit, paying debts legally bidding for monetary money. Regarding banks, however, the Constitution does not specify the powers of the federal and state governments.

Federalists who are powerful central government supporters and support broad interpretation of the Constitution backed Hamilton's plan. Strict builders such as James Madison opposed the bank's infringement of the right held appropriately in the state. Hamilton and Congress are very satisfied. President Washington rejected the Constitutional Court precedent and Secretary of State views and signed the bill in 1791.

The bank soon became a major financial institution. Hamilton gradually transferred deposits from the Ministry of Finance to banks. Banks began issuing claims on payment to the federal government. It does not mean that this is a legal bid on legal legislation, but it was basically that in fact. This will make the US bank considerably more advantageous than other private banks.

However, the majority of bank transactions were commercial lending for domestic trade and overseas trade funding. Therefore, despite the fact that banks were notoriously nationwide famous and affected, there was never been called a central bank with the authority or responsibility for the national currency system.


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