Development of the First National Bank - 829 Words

There have been many controversies since the United States declared independence in 1776. One of the many domestic issues that divided American citizens was developing the First National Bank in the late 1700s. Hamilton was in favor, while Jefferson opposed and American citizens chose their side based on what they believed what was best for the country. Hamilton proposed a Report on a National Bank in December of 1790 announcing what the National Bank would include. Hamilton’s proposal included, â€Å"The bank’s stock would be worth $10,000,000. 20,000 shares would be sold privately at $400 per share ... 5,000 shares or $2,000,000 of bank stock would be bought by the U.S. government. The bank would be run by a 25-man board of directors - 20 chosen by the shareholders and 5 by the government. The bank’s president would be elected by the board of directors. Notes and bills (money) issued by the bank would be redeemable on demand ... and would be accepted by the U.S. government for all payments due. The bank’s charter would run for 20 years and would be subject to renewal by Congress. The bank would be allowed to establish branch offices in other cities; its main branch would be in Philadelphia, the nation’s capital† (http://www.digitalhistory.uh.edu/teachers/lesson_plans/pdfs/unit3_ 4.pdf). Although the first part of the bank bill, establishing a national mint, did pass with ease, supporters and opposers debated the rest of the bill, which included the development ofShow MoreRelatedThe Two Main Economic Philosophies That Have Been Prevalent1254 Words   |  6 Pageslight portrayed upon the Jeffersonian school of thought and more of a positive light shown upon the Hamiltonian school of thought. Over the course of American history both Jeffersonian and Hamiltonian beliefs have influenced the economy, through the banks, the 1920s, World War II, and Reagan. Each of these mindset interpreted the constitution differently causing each to look at the government and the actions of the government in altering ways. Hamilton understood public finance and debt and interpretedRead MoreFederalist Challenges in the 1790s803 Words   |  4 Pagescreated the most trouble for the Federalists and were most significant in the development of the Federalist Party were creating a national bank, how to pay the national debt, and establishing the public credit. Overall, the Federalists faced more of an economic challenge than anything else. Since raising revenue in the United States was one of the first economic issues the Federalists were up against, a solution to national debt had to be found and agreed upon. 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