Editing First Bank of the United States (section)

== History ==

=== Hamilton's Vision ===

'''Alexander Hamilton''' (1755-1804), the nation's first Secretary of the Treasury, proposed a national bank in 1790 as part of his ambitious program to establish federal financial credibility. Hamilton's plan included:

* Federal assumption of state Revolutionary War debts
* Creation of a national bank
* Establishment of a mint
* Promotion of manufacturing

=== Constitutional Debate ===

The Bank's creation sparked the first major constitutional debate in American history:

* '''Hamilton:''' Argued the Constitution's "necessary and proper" clause gave Congress implied powers to create a bank
* '''Jefferson and Madison:''' Argued the Constitution did not explicitly authorize a bank and feared concentrated financial power

President Washington sided with Hamilton, and Congress chartered the First Bank of the United States in '''1791''' for a 20-year term.

=== The Building ===

While the bank began operations in temporary quarters, it commissioned a permanent headquarters befitting its status. Construction began in '''1795''' and was completed in '''1797'''. The building cost approximately $110,000—a substantial sum for the era.

Architect '''Samuel Blodgett Jr.''' designed the building in the neoclassical style, drawing inspiration from ancient Roman temples and contemporary European bank architecture.

=== Operations ===

From 1797 to 1811, the First Bank:
* Served as the federal government's bank
* Issued paper currency backed by gold and silver
* Regulated state-chartered banks by requiring them to maintain reserves
* Provided loans to businesses and government
* Operated eight branches in major cities

=== End of the Charter ===

When the bank's charter came up for renewal in 1811, opposition from state banks, Jeffersonian Republicans, and those suspicious of concentrated financial power defeated the renewal by a single vote in the Senate. The bank closed on March 4, 1811.

=== After the Bank ===

After the First Bank closed:
* '''Stephen Girard:''' Philadelphia financier Stephen Girard purchased the building and operated Girard's Bank from it for over 20 years
* '''Girard College trust:''' After Girard's death in 1831, his estate used the building for various purposes
* '''Preservation:''' The building was eventually acquired for preservation

The building is now part of Independence National Historical Park.