The Constitutionality Of America's First National Bank

The First Bank of the United States was established in 1791, and was the first national bank in the country. The bill to establish the bank was signed by President George Washington, despite controversy over its constitutionality. Some Congressmen and government officials urged him to sign the bill, while others, including Secretary of State Thomas Jefferson and Attorney General Edmund Randolph, opposed it. The bank was championed by Alexander Hamilton, the first Secretary of the Treasury, who believed it was necessary to stabilise and improve the nation's credit. The First Bank building, located in Philadelphia, Pennsylvania, was completed in 1797 and is now a National Historic Landmark.

Explore related products

The First National Bank of Dad: A Foolproof Method for Teaching Your Kids the Value of Money

$10.58 $14.99

The History Of The First National Bank In The United States

$32.95

First National Bank Of Dad Shirt National Bank Of Dad Tee T-Shirt

$15.99

Bank Of Dad Funny Dad Jokes - First National Bank Of Dad T-Shirt

$19.99

The First National Bank of Dad: The Best Way to Teach Kids About Money

$32.53

First National Bank

$40

The First Bank of the United States was chartered for 20 years

The First Bank of the United States was established in 1791 as part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes. The bill was championed by Alexander Hamilton, the first secretary of the treasury. Hamilton believed that a national bank was necessary to stabilise and improve the nation's credit, and to improve the handling of the financial business of the United States government under the newly enacted Constitution.

The bill was initially met with opposition from some Congressmen and government officials, who urged President George Washington to veto it. Secretary of State Thomas Jefferson and Attorney General Edmund Randolph also expressed their opposition to the bill, with Randolph pronouncing it to be unconstitutional.

Hamilton worked furiously on his defence of the bank, responding to those who claimed incorporation of the bank was unconstitutional. He argued that what the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business.

Despite the controversy, Washington signed the national bank bill into law, making it a federal statute. However, Congress decided not to renew the bank's charter after 20 years.

The constitutionality of the First Bank was debated

The constitutionality of the First Bank of the United States was hotly debated. The bill was passed to President George Washington for signature, with some Congressmen urging him to sign it into law, and others imploring him to veto it. Washington himself was hesitant to sign the bill, and asked for the advice of his cabinet members.

Attorney General Edmund Randolph from Virginia pronounced the measure to be unconstitutional, and Thomas Jefferson agreed, stating that it was against both the spirit and letter of the Constitution. However, Secretary of the Treasury Alexander Hamilton, who was the first to hold that office, defended the bill, arguing that what the government could do for a person, it could not refuse to do for a business.

Hamilton believed that a national bank was necessary to stabilise and improve the nation's credit, and to improve the handling of the financial business of the United States government under the newly enacted Constitution. The First Bank building, located in Philadelphia, Pennsylvania, was completed in 1797, and is a National Historic Landmark.

Despite the strong public controversy about the constitutionality and desirability of the First Bank, Washington signed the national bank bill into law, making it a federal statute. However, Congress later decided not to renew the bank's charter.

Alexander Hamilton defended the First Bank

The First Bank of the United States was chartered for twenty years, but there was strong public controversy about its constitutionality.

Alexander Hamilton, the first Secretary of the Treasury, defended the First Bank. He believed a national bank was necessary to stabilise and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.

Hamilton's proposal was opposed by Thomas Jefferson and Attorney General Edmund Randolph, who believed it was against both the spirit and letter of the Constitution. Hamilton quickly responded to those who claimed incorporation of the bank was unconstitutional. One of his chief rebuttals was that what the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business.

Hamilton worked hard on his defence of the Bank, reporting that it "...occupied him the greatest part" of the night.

Explore related products

The First National Bank of Syracuse: The Story of Fifty Years, 1863-1913

$29.95

First National Bank of Bradford: "Heist of 1931"

$11.95

First National Bank Of Dad Open 24 Hours Retro T-Shirt

$18.99

First National Bank, Oshkosh, Wisconsin Oshkosh WI Original Postcard

$8.99

Main Street with First National Bank, Freeman, SD, 1920s Freeman, South Dakota Original Vintage Postcard

$7.99

First National Bank Building, Chicago Chicago, Illinois IL Original Postcard

$8.99

The First Bank was located in Philadelphia, Pennsylvania

The First Bank of the United States was located in Philadelphia, Pennsylvania. The building, completed in 1797, is now a National Historic Landmark. It is situated within Independence National Historical Park and recognised for its historic and architectural significance.

The First Bank was established as part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes. The expansion was championed by Alexander Hamilton, the first Secretary of the Treasury. Hamilton believed that a national bank was necessary to stabilise and improve the nation's credit, and to improve the handling of the financial business of the United States government under the newly enacted Constitution.

However, the establishment of the First Bank was controversial, with some questioning its constitutionality. Attorney General Edmund Randolph from Virginia pronounced the measure to be unconstitutional, and Thomas Jefferson, also from Virginia, agreed. Jefferson, who was Secretary of State, expressed his opposition to the Bank.

Hamilton, however, defended the Bank, arguing that what the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business. Despite the controversy, President George Washington signed the national bank bill into law, making it a federal statute. The First Bank was chartered for twenty years, but Congress decided not to renew the bank's charter when it expired.

The First Bank was completed in 1797

The First Bank of the United States was completed in 1797, and was located in Philadelphia, Pennsylvania. It was established as part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, the first secretary of the treasury. Hamilton believed a national bank was necessary to stabilise and improve the nation's credit, and to improve the handling of the financial business of the United States government under the newly enacted Constitution.

The bank was controversial, and there was strong public controversy about the constitutionality and desirability of the First Bank of the United States. Congress decided not to renew the bank's charter after 20 years.

Attorney General Edmund Randolph pronounced the measure to be unconstitutional, and Thomas Jefferson agreed. Hamilton responded to those who claimed incorporation of the bank was unconstitutional, arguing that what the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business.

Frequently asked questions