First Bank of the United States (feb 25, 1791 – feb 1, 1811)
Description:
~Founded by Mr. Alexander Hamilton and Federalists~Bank was granted with a 20-year charter
~Money from taxes were held in the First Bank then issued as representative money in the form of bank notes, backed by gold and silver
~The bank was not geared towards "ordinary people" who needed loans (ec. Farms and small businesses)
~Anti-federalists stated that the constitution does not directly give congress the power to create a National Bank
Added to timeline:
Date:
feb 25, 1791
feb 1, 1811
~ 19 years