In 1791, Alexander Hamilton, the Secretary of the Treasury, arranged for the transfer of the capital from Philadelphia to the banks of the Potomac in exchange for southern support for his Central Bank project. As a result, the First Bank of the United States was chartered by Congress for twenty years. The new central bank was to be modeled after the Bank of England. The Bank was bitterly opposed by several founding fathers, including Thomas Jefferson and James Madison, then later Andrew Jackson and Abraham Lincoln. saw it as an engine for speculation, financial manipulation, and corruption.Saturday, November 24, 2007
1791 - 1811 First Bank of the United States
In 1791, Alexander Hamilton, the Secretary of the Treasury, arranged for the transfer of the capital from Philadelphia to the banks of the Potomac in exchange for southern support for his Central Bank project. As a result, the First Bank of the United States was chartered by Congress for twenty years. The new central bank was to be modeled after the Bank of England. The Bank was bitterly opposed by several founding fathers, including Thomas Jefferson and James Madison, then later Andrew Jackson and Abraham Lincoln. saw it as an engine for speculation, financial manipulation, and corruption.
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