First Bank of the United States (jan 1, 1791 – jan 1, 1811)

Description:

First national bank of the United States under the Constitution. It had three main powers: to receive and transfer money to other nations, to provide loans to other banks to encourage development, and to regulate the nation’s money.
Causes: Alexander Hamilton saw the consequences of not having a well suited bank during the Confederation. He published “Public Credit” which convinced many in the North to support Hamilton's plan. The bill was eventually signed and put into action by Washington.
Historical Impact: It created a common currency for all of the states and helped lead to economic growth in the future. However, it also started to create sectional tensions between the North and South with northerners typically being Federalist and southerners being Jeffersonian Republicans.

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