< Back: ABA History Next: 1800-1849 >
Congress charters the Bank of North America—the first financial institution chartered by the United States and the first real bank in the young republic. A de facto central bank whose shares were held by the public, the Bank of North America raised money to support the ongoing war against Britain. Philadelphia financier Robert Morris, who had given millions of his personal wealth to support the war, was the bank’s first superintendent.
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon. The Bank of New York and the Bank of Massachusetts, founded the same year, are the first two state banks; the latter, through mergers, becomes part of what is today Bank of America.
The Continental Congress adopts the dollar as the United States’ official unit of currency.
On the urging of Treasury Secretary Alexander Hamilton, Congress charters the First Bank of the United States for a 20-year term. Its purpose is to lend to the government, make loans to businesses and provide a stable money supply through its notes. The new central bank triggers the formation of 18 new commercial banks in just five years, compared with four in all of the United States prior to the First Bank’s chartering.
Congress passes a coinage act establishing the national mint in Philadelphia and identifying the coins of smaller amounts comprising a dollar.
A financial panic puts the first test to Hamilton and the Bank of the United States. A collapse in securities prices triggers a run on the bank. Hamilton establishes a “sinking fund commission” to authorize the first open-market activities, sending nearly $250,000 to banks throughout the country to allow them to make securities purchases and boost credit.
Hamilton’s rival, Aaron Burr, co-founds the Bank of the Manhattan Company, operating today as J.P. Morgan Chase.
1782-1799: A History of America's Banks and The ABA (2024)
Top Articles
CBBS-Basisinformatie deel 4 - Maok
Giants Abyss Normal and Hard (GAN & GAH) Guide - Best Teams, Monsters & Runes
Eleven Danir 19 GmbH Frankfurt HRB 131496
GARDAMATT ELEVEN - MATT GESTRICHENES BILDERDRUCKPAPIER
We Checked Out Target's New Mondo Llama Arts and Crafts Line And This Is What We're Stocking Up On.
‘Only Murders in the Building’ Season 4: Everything to Know About the Next Whodunnit
Hoe koop ik een deal op Social Deal? - Social Deal
Hoe meld ik me aan voor de Social Deal Nieuwsbrief? - Social Deal
Mets spring training preview: Biggest battles, Carlos Mendoza’s challenges and Pete Alonso intrigue
Mets can build off this much-needed victory
Craigslist Jobs Queens
Richmond Va Hourly Weather Accuweather
Latest Posts
Article information
Author: Carlyn Walter
Last Updated:
Views: 6025
Rating: 5 / 5 (70 voted)
Reviews: 93% of readers found this page helpful
Author information
Name: Carlyn Walter
Birthday: 1996-01-03
Address: Suite 452 40815 Denyse Extensions, Sengermouth, OR 42374
Phone: +8501809515404
Job: Manufacturing Technician
Hobby: Table tennis, Archery, Vacation, Metal detecting, Yo-yoing, Crocheting, Creative writing
Introduction: My name is Carlyn Walter, I am a lively, glamorous, healthy, clean, powerful, calm, combative person who loves writing and wants to share my knowledge and understanding with you.