First Bank of the United States

A federally chartered bank that operated from 1791 to 1811, holding federal deposits, managing public payments, and supporting national credit and currency.

Bank of the United States: A federally chartered financial institution proposed to support the United States government and national economy. The First Bank was the nation’s first institution of this kind.
Alexander Hamilton: An American statesman who served as the first secretary of the treasury from 1789 to 1795. Hamilton proposed the bank as part of his plan for national finance.
Thomas Jefferson: An American statesman who served as the third president of the United States. Jefferson opposed Hamilton’s bank and argued that Congress lacked authority to charter it.
McCulloch v. Maryland: An 1819 Supreme Court case affirming Congress’s implied powers and barring state taxation of a federal bank. The Court later upheld the constitutional reasoning used to justify the First Bank.
Bank charter: A legal instrument establishing a bank and defining its powers, privileges, and obligations. Congress’s 1791 charter set the bank’s operating term and federal role.
Report on a National Bank: Alexander Hamilton’s 1790 proposal for a federally chartered bank. This report laid out the institution’s proposed structure and economic purpose.
James Madison: An American statesman who helped frame the Constitution and later served as the fourth president. Madison opposed the original bank bill before signing the later bank’s charter as president.
Second Bank of the United States: A federally chartered bank that operated from 1816 to 1836. Congress revived the national-bank model after the First Bank’s charter expired.
National debt of the United States: The total amount the federal government owes to creditors. The bank helped consolidate Revolutionary War debts and strengthen public credit.
Report on Public Credit: Alexander Hamilton’s 1790 plan for funding and consolidating United States government debt. The bank complemented Hamilton’s program for restoring federal credit.

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