First Bank of the United States
E7829
The First Bank of the United States was the early national government’s central financial institution, chartered in 1791 to stabilize and standardize the young American economy under Alexander Hamilton’s financial program.
Aliases (2)
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
central bank
→
commercial bank → national bank → |
| architect |
Samuel Blodgett
→
|
| authorizedBy |
United States Congress
→
|
| branchNetwork |
multiple branches in major U.S. cities
→
|
| capitalization |
10 million dollars
→
|
| charterDate |
1791
→
|
| charterLength |
20 years
→
|
| charterNotRenewed |
1811
→
|
| constitutionalDebate |
raised questions about implied powers under the U.S. Constitution
→
|
| country |
United States
→
|
| creator |
Alexander Hamilton
→
|
| currencyRole |
its notes circulated as a national medium of exchange
→
|
| currentUseOfBuilding |
part of Independence National Historical Park
→
|
| disestablished |
1811
→
|
| era |
Early National Period of the United States
→
|
| established |
1791
→
|
| function |
extended credit to the government
→
facilitated tax collection → held government deposits → issued banknotes redeemable in specie → served as fiscal agent of the U.S. federal government → |
| governance |
board of directors elected by shareholders
→
|
| governmentRepresentation |
federal government appointed some directors
→
|
| headquartersBuildingCompleted |
1797
→
|
| heritageStatus |
National Historic Landmark
→
|
| influenced |
development of the U.S. banking system
→
later central banking in the United States → |
| legalBasis |
Necessary and Proper Clause of the U.S. Constitution
→
|
| locatedIn |
Philadelphia, Pennsylvania
→
|
| monopolyOnFederalDeposits |
true
→
|
| opposedBy |
Democratic-Republican Party
→
James Madison → Thomas Jefferson → |
| partOf |
Alexander Hamilton's financial program
→
|
| privateOwnershipShare |
80 percent
→
|
| proposedBy |
Alexander Hamilton
→
|
| publicOwnershipShare |
20 percent
→
|
| purpose |
improve the credit of the United States
→
stabilize the American economy → standardize the American currency → |
| regionServed |
United States
→
|
| relatedProgram |
assumption of state debts
→
establishment of federal taxes and tariffs → funding of the national debt → |
| signedIntoLawBy |
George Washington
→
|
| succeededBy |
Second Bank of the United States
→
|
| supportedBy |
Federalist Party
→
|
Referenced by (12)
| Subject (surface form when different) | Predicate |
|---|---|
|
Old City historic district
→
Old City, Philadelphia → |
contains |
|
Alexander Hamilton's Second Report on the Public Credit
("Report on a National Bank")
→
|
alsoKnownAs |
|
Alexander Hamilton
→
|
designed |
|
Alexander Hamilton's First Report on the Public Credit
("Report on a National Bank")
→
|
followedBy |
|
establishment of the First Bank of the United States
→
|
hasMainSubject |
|
Hamiltonian economic program
("Report on a National Bank")
→
|
hasPart |
|
Independence National Historical Park
→
|
hasSite |
|
Samuel Blodgett
→
|
notableProject |
|
Alexander Hamilton
("Report on a National Bank")
→
|
notableWork |
|
Second Bank of the United States
→
|
predecessor |
|
Whig Party
("Bank of the United States")
→
|
supportedPolicy |