Tthe First Bank of the United States Essay Example | Topics and Well Written Essays - 2000 words

Tthe First Bank of the United States - Essay Example They needed to shore up their own fiscal policy and standardize a currency that could be adopted nationwide and begin to get the country off on the right financial footing. The First Bank of the United States was an effort to do this, and its charger came into effecting 1791. While certainly far from perfect, nor even ideal in the eyes of many, it was a solid first effort by the founding fathers of the nation to set the country on the right path to financial security and freedom, in addition to their newfound global independence. They also wanted to show the world that the nation was capable of not only paying back its debt, but also in handling its own internal needs moving forward. This was seen as a necessary first step towards establishing domination throughout the region and keeping potential invaders from arriving on the shores of the young country. To understand this First Bank, one needs to discuss the background of Hamilton’s Plan, the economic policy associated with the Bank, and its eventual implementation. While the First Bank of the United States was all about creating fiscal policy for the new country, it is still important to remember that it was also an actual physical building. The bank itself was built in Philadelphia, which at that time of the capital of the country. Alexander Hamilton was the brainchild behind the concept of the bank, and his desire was to implement a mechanism by which the United States, and each individual state within the union, could begin to tack its monumental debt as a result of the Revolutionary War. Prior to the creation of the bank and the implementation of its charter, coins and paper currency were actually issued by state banks, and these individual currencies combined to form the national currency. For obvious reasons, if the Union was going to succeed, they had to nationalize its monetary