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. Fe...