< Back: ABA History Next: 1800-1849 >
Congress charters the Bank of North America—the first financial institution chartered by the United States and the first real bank in the young republic. A de facto central bank whose shares were held by the public, the Bank of North America raised money to support the ongoing war against Britain. Philadelphia financier Robert Morris, who had given millions of his personal wealth to support the war, was the bank’s first superintendent.
Future Treasury Secretary Alexander Hamilton founds the Bank of New York, the oldest continuously operating bank in the United States—operating today as BNY Mellon. The Bank of New York and the Bank of Massachusetts, founded the same year, are the first two state banks; the latter, through mergers, becomes part of what is today Bank of America.
The Continental Congress adopts the dollar as the United States’ official unit of currency.
On the urging of Treasury Secretary Alexander Hamilton, Congress charters the First Bank of the United States for a 20-year term. Its purpose is to lend to the government, make loans to businesses and provide a stable money supply through its notes. The new central bank triggers the formation of 18 new commercial banks in just five years, compared with four in all of the United States prior to the First Bank’s chartering.
Congress passes a coinage act establishing the national mint in Philadelphia and identifying the coins of smaller amounts comprising a dollar.
A financial panic puts the first test to Hamilton and the Bank of the United States. A collapse in securities prices triggers a run on the bank. Hamilton establishes a “sinking fund commission” to authorize the first open-market activities, sending nearly $250,000 to banks throughout the country to allow them to make securities purchases and boost credit.
Hamilton’s rival, Aaron Burr, co-founds the Bank of the Manhattan Company, operating today as J.P. Morgan Chase.
1782-1799: A History of America's Banks and The ABA (2024)
Top Articles
Projections Future Forex System
Channel Breakouts Trading System
SUE REID: Ugly spectre of sectarianism left Jess Phillips in tears
The Swarthmorean, 1941-04 | TriCollege Libraries Digital Collections
Ani DiFranco - Pulse Lyrics | SongMeanings
Ani DiFranco - Fuel Lyrics | SongMeanings
Raiders Bane Enchantment
Wells Fargo Saturday Banking Hours
Go on a treasure hunt at this unique new store in Mount Pleasant
Racine Team Building Scavenger Hunt
tulsa pets "dog" - craigslist
Puppies for Sale near Tulsa, Oklahoma, USA, Page 1 (10 per page) - Puppyfinder.com
Latest Posts
Pin Bar Trading Strategy: Everything You Need To Be Profitable - Daily Price Action
What Is Forex Trading? A Beginner’s Guide
Article information
Author: Lilliana Bartoletti
Last Updated:
Views: 6057
Rating: 4.2 / 5 (53 voted)
Reviews: 92% of readers found this page helpful
Author information
Name: Lilliana Bartoletti
Birthday: 1999-11-18
Address: 58866 Tricia Spurs, North Melvinberg, HI 91346-3774
Phone: +50616620367928
Job: Real-Estate Liaison
Hobby: Graffiti, Astronomy, Handball, Magic, Origami, Fashion, Foreign language learning
Introduction: My name is Lilliana Bartoletti, I am a adventurous, pleasant, shiny, beautiful, handsome, zealous, tasty person who loves writing and wants to share my knowledge and understanding with you.