First Bank of the United States - 4267 Words

The First Bank of the United States The Bank of the United States was designed to make money and build an economy. It was designed by men like Alexander Hamilton and Robert Morris, but did not benefit the common citizen as much as wealthy investors. Why did a fledgling government need to borrow millions from overseas in order to invest in a â€Å"national† bank, to turn around and then borrow the same money back and pay interest on it? The banking system developed by Alexander Hamilton and Robert Morris was prime pickings for speculators, and laid the groundwork for a history of unscrupulous activity regarding our nation’s money supply that continues to this day. The signatures on the Constitution were barely dry before corruption and†¦show more content†¦Men thus enriched by the dexterity of a leader, would follow of course the chief who was leading them to fortune, and become the zealous instruments of all his enterprises.† Jefferson commented on these events long after his passions over them had cooled. Indeed, by 1818 the first Bank of the United States had come and gone. He felt that the actions of the speculators for the sole purpose of personal greed were reprehensible, and that the architect of the situation (Hamilton) was very much responsible for the fleecing of the public. At this time the government was funding its debt through private banks such as the Bank of North America and the Bank of New York. Not satisfied with the structure of American banking, Hamilton reported to Congress the need to establish a National Bank in December of 1790. The Senate created a committee to study Hamilton’s proposal. On the committee were men who shared Hamilton’s ideas in fiscal matters, and that of a strong federal government. One of the members, General Schuyler, was Hamilton’s father in law. It was of no surprise that a bill arose out of the committee supporting Hamilton’s plan to incorporate a Bank of the United States. Objection to the bill was strenuous. Opponents argued that the incorporation of a national bank might have deleterious effects on the economy, and wondered whether orShow MoreRelatedThe Bank Of United States910 Words   |  4 PagesThe Bank of United States has a profound history indeed. The bank was established in 1791 to act as a storae place for federal funds as well as the government’s monetary agent. This bank was initially proposed by Alexander Hamilton and was granted a twenty-year charter by Congress. This would not go over very well with the Jeffersonians due to the fact they believed the bank represented dominance of mercantile over agrarian interest and unconstitutional use of federal power. (footnote) The firstRead MoreHistory Of Central Banks Of America1546 Words   |  7 PagesAbel Shiferaw Econ 201 Prof Emma Cummings 05/01/2015 History of Central banks in America Even though central banks can improve a nation’s economy and are beneficial to governments, the central banks of America had a very controversial history. Even before the establishment of the Federal Reserve, banks were used by the public just as we use them today. Bank notes were in use during this time and they were backed up by the guarantee that they can be traded for either gold or silver on demand. TheRead More The Bank of the United States Essay1621 Words   |  7 PagesThe Bank of the United States The Bank of the United States is a symbol of the long held American fear of centralization and government control. 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A lot of the blame of the Panic of 1819 was put onto the Second Bank of the United States (Remini, American Empire, 164), and Jackson strongly believedRead MoreChina Case Study851 Words   |  4 PagesInvestment Bank to increase their reach across the Asian region (Creamer, 2017). Currently, there are around 60 countries that are supporting this bank (Creamer, 2017). Despite lobbying by the United States of America against the Asian Infrastructure Investment Bank, there are several United States allies, including Britain, that are supporting the bank; the United States chose to lobby against the Asian Infrastructure Investment Bank because of the fear that the bank could rival the World Bank, thusRead MoreBank Regulation Of The Modern Day Economy1201 Words   |  5 PagesBank regulation plays a vital part in the economy today and can be attributed for a lot of its success. It has even been taken to the extent of individuals claiming bank regulation to be the backbone of our modern day economy. To fully understand this topic it is first important to define what bank regulations are. Bank regulations are a kind of government regulation that makes banks liable to certain requirements, restrictions and guidelines. Bank regulation includes determining specific regulationsRead MoreHamilton’s Vision Intended for the New Government of United States of America1269 Words   |  6 Pagesthe United States of America Constitution was ratified by two-thirds of the states. The Constitution created a new government in the United States of America that was constructed around the idea of separation of power by the three branches of government with a system of checks and balances. These branches include the executive branch, the bicameral legislative branch and judicial bran ch. In order to ensure that no branch were to overpower the other two branches, the forefathers of the United States