Author: Lawrence LewisPublisher:
ISBN:
Category :
Languages : en
Pages : 212
Book Description
A History of the Bank of North America
Author: Lawrence LewisOn the Constitutionality of a National Bank
Author: Alexander HamiltonPublisher: Coventry House Publishing
ISBN:
Category : History
Languages : en
Pages : 50
Book Description
In 1791, The First Bank of the United States was a financial innovation proposed and supported by Alexander Hamilton, the first Secretary of the Treasury. Establishment of the bank was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes. Hamilton believed that a national bank was necessary to stabilize and improve the nation's credit, and to improve financial order, clarity, and precedence of the United States government under the newly enacted Constitution. Alexander Hamilton (1755-1804) was a founding father of the United States, one of the most influential interpreters and promoters of the Constitution, the founder of the American financial system, and the founder of the Federalist Party. As the first Secretary of the Treasury, Hamilton was the primary author of the economic policies for George Washington’s administration. Hamilton took the lead in the funding of the states’ debts by the federal government, the establishment of a national bank, and forming friendly trade relations with Britain. He led the Federalist Party, created largely in support of his views; he was opposed by the Democratic Republican Party, led by Thomas Jefferson and James Madison, which despised Britain and feared that Hamilton’s policies of a strong central government would weaken the American commitment to Republicanism.
A History of the Bank of North America
Author: Lawrence Lewis Jr.Publisher: Forgotten Books
ISBN: 9780656463879
Category : Reference
Languages : en
Pages : 198
Book Description
Excerpt from A History of the Bank of North America: The First Bank Chartered in the United States Other features in the later history of the bank have seemed worthy of note. The terms of its various charters. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
The Bank of the United States and the American Economy
Author: Edward KaplanPublisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 192
Book Description
An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established. While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.
The First And Second Banks Of The United States
Author: John Thom HoldsworthPublisher: Legare Street Press
ISBN: 9781018700762
Category :
Languages : en
Pages : 0
Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work is in the "public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Financial Founding Fathers
Author: Robert E. WrightPublisher: University of Chicago Press
ISBN: 0226910687
Category : Biography & Autobiography
Languages : en
Pages : 261
Book Description
The authors chronicle how a different group of nine founding fathers forged the wealth and institutions necessary to transform the American colonies from a diffuse alliance of contending business interests into one cohesive economic superpower.
A History of the Bank of North America, the First Bank Chartered in the United States
Author: Lawrence LewisPublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 0
Book Description
Banks and Politics in America from the Revolution to the Civil War
Author: Bray HammondPublisher: Princeton University Press
ISBN: 9780691005539
Category : Business & Economics
Languages : en
Pages : 792
Book Description
This is a book about politics and banks and history. Yet politicians who read it will see that the author is not a politician, bankers who read it will see that he is not a banker, and historians that he is not an historian. Economists will see that he is not an economist and lawyers that he is not a lawyer. With this rather cryptic and exhaustive disclaimer, Bray Hammond began his classic investigation into the role of banking in the formation of American society. Hammond, who was assistant secretary of the Board of Governors of the Federal Reserve System from 1944 to 1950, presented in this 771-page book the definitive account of how banking evolved in the United States in the context of the nation's political and social development. Hammond combined political with financial analysis, highlighting not only the in.uence politicians exercised over banking but also how banking drove political interests and created political coalitions. He captured the entrepreneurial, expansive, risk-taking spirit of the United States from earliest days and then showed how that spirit sometimes undermined sound banking institutions. In Hammond's view, we need central banks to keep the economy on an even keel. Historian Richard Sylla judged the work to be "a wry and urbane study of early U.S. financial history, but also a timeless essay on how Americans became what they are." Banks and Politics in America won the Pulitzer Prize for history in 1958.
A History of Banking in the United States
Author: John Jay KnoxPublisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 960
Book Description
The Origins and Economic Impact of the First Bank of the United States, 1791-1797
Author: David Jack CowenPublisher: Routledge
ISBN: 9780815338376
Category : Business & Economics
Languages : en
Pages : 323
Book Description
This book focuses on the impact of the introduction of the First Bank of the United States (1791-1811) on the nascent financial system. The Bank dominated the financial scene of early America. Its prestigious list of clients included the United States Treasury, which deposited the bulk of the nation's money in the vaults of the Bank in return for various banking services. The stage is set by describing the background events of 1791: Treasury Secretary Hamilton's Bank Report and Congress's reaction, the script bubble for Bank shares, and the choosing of board members and their decision to create nationwide branches. The Bank's headquarters commenced business on December 12, 1791. New evidence shows how the Bank strongly affected the economy within two months of opening its doors, initially by flooding the market with its paper and then by sharply reversing course and curtailing liquidity. While the added liquidity helped initially to push a bull market in securities higher, the subsequent draincaused the Panic of 1792 by forcing speculators to sell their stocks. The role of early central banking is discussed in light of the Panic, the Bank, and the U.S. Treasury Department. Evidence is presented that points to a new interpretation: the Treasury Secretaries played the role of the Central Banker and the Bank acted the part of the Central Bank. There was continuity in the mindsets, dialogues and actions of the Treasury Secretaries, leading to a conclusion that early U.S. financial policy makers developed an operational central banking thought and procedures during the era of the First Bank. The financial implications of Bank policy on several historical events during the 1790's are examined. By focusing on specific times when the board directed a change in loan policy, new conclusions are drawn with respect to the Bank's impact on the credit markets and its central banking role. This book adds clarity to the ongoing historical debates about the behavior of the early U.S. economy and its creditmarkets by examining the institution which was at the center of the American business world at that time.