The Bank that Hamilton Built - In Brief
- Senior Writer
Published September 1, 2007 | September 2007 issue
Blueprint for a bank
- The First Bank of the United States, championed by Alexander Hamilton, formed the blueprint for today's monetary economy based on a stable currency and access to credit.
- The bank worked hand in hand with the first Treasury secretary's other financial reforms—paying off war debt and establishing a stable monetary standard—to put the federal government's finances in order and stoke the fires of enterprise at the beginning of the Industrial Revolution.
- Political opposition doomed Hamilton's bank. But the institution he created laid the foundation for a second national bank and, almost a century later, for the establishment of the Federal Reserve System.
The Bank that Hamilton Built [complete article]