The National Bank Report - Edubirdie

University:
Arizona State University
Course:
HST 200 | Historical Themes
Academic year:

2024
Views:

452

Pages:

1
Author:

Thuyoul US

Growing Pains: The New Republic, 1790-1820 The National Bank Report Hamilton wanted to create a national bank in his capacity as secretary of the treasury in order to further stabilize the American economy. With no unified regulations and a plethora of distinct notes from many state banks, the United States functioned. Hamilton specifically intended to punish state banks that recklessly created paper money by suggesting that the new national bank purchase substantial quantities of state bank notes and insist on their conversion into gold. For this reason, in December 1790, he presented his "Report on a National Bank," which called for the establishment of a Bank of the United States that would be based on the Bank of England. The bank would act as a depository for government earnings from the sale of property and issue bills of credit, or federal bank notes that would circulate as money, to American merchants. The bank would be owned by both the federal government and its investors. Similar to the suggestions made in his "Report on Public Credit," Hamilton's bank plan met with resistance. Particularly Jefferson contended that the Constitution forbade the establishment of a national bank. Hamilton responded by citing the implied powers of the Constitution once more. In 1791, President Washington approved the law establishing the bank, supporting Hamilton's viewpoint.

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