Founding of bank of north america - Arceuus
Founding - National Museum of American Illustration
As in his earlier proposals, Hamilton stressed the importance of aquasi-public structure for the bank. It would serve the nationalinterest, but under the control of private individuals, not governmentofficials. In studying other great banks of issue, such as the Bank ofEngland and Bank of Amsterdam, he had concluded that a national bankmust be shielded from political interference: “To attach full confidenceto an institution of this nature, it appears to be an essentialingredient in its structure that it shall be under a private not apublic direction, under the guidance of individual interest, not ofpublic policy.”
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To avoid the inflation caused by the wartime continentals, Hamiltonproposed that the bank issue notes redeemable on demand for specie. Thebank and all other banks in the country would operate under amixed-money system, cutting-edge monetary practice in the age of thegold standard. Paper currency issued by the national bank andstate-chartered banks would be a close substitute for gold and silvercoin in financial transactions; thus the nation’s currency would bestable, anchored to a bimetallic monetary standard, and portable,expediting the transport of funds and speeding circulation.
The Founding Fathers: Virginia John Blair, Virginia
The Second Bank’s life was also cut short; irked by its burgeoningmonetary and political power, President Andrew Jackson refused to renewits charter, and the bank ceased operations in 1836. But even in theabsence of a central bank, the ideas that Hamilton expounded and putinto practice endured. In the 19th century, bank lending supported inpart by state and federal credit spurred business growth, planting theseeds for the nation’s flowering into an economic power after the Civil War.
The Founding Fathers, Colonial Script, the Federal …
Hamilton also proposed a government-supported national bank to control government finances.
Jefferson and his followers, who included many Southerners, finally agreed to support some of Hamilton's financial proposals.