First Bank of the United States: the first US Central Bank
65Similar History
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The war left US in debt... Hamilton suggested the First Central Bank.
The Revolutionary War left US in debt... Hamilton suggested the First Central Bank.
The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency. It was built while Philadelphia was still the nation's capital. Alexander Hamilton conceived of the bank to handle the colossal war debt — and to create a standard form of currency.
The First Bank's charter was drafted in 1791 by the Congress and signed by George Washington. It was repelled by Congress in 1811.
