First Bank of the United States

First Bank of the United States

Type	Historic building, landmark
Address	116 South 3rd Street
Map	View on Google Maps
Neighborhood	Old City
Website	Official site
Established	1797
Founder	First Bank of the United States
Owner	National Park Service
Hours	Exterior viewable; interior occasionally open for events
Products	Historic site
Status	Historic landmark

First Bank of the United Stateshttps://www.nps.gov/inde/learn/historyculture/places-firstbank.htm116 South 3rd StreetPhiladelphiaPAUS

The First Bank of the United States is a historic building located at 116 South 3rd Street in Old City, which served as the headquarters of America's first national bank from 1797 to 1811. Designed by Samuel Blodgett Jr. and modeled on classical Roman architecture, the building is considered one of the finest examples of early American neoclassical architecture and was among the first major public buildings in America to feature a classical temple front with Corinthian columns.

The First Bank of the United States was established in 1791 at the urging of Secretary of the Treasury Alexander Hamilton as part of his comprehensive financial program for the new nation. The bank served as the federal government's fiscal agent, held government deposits, issued currency, and provided financial stability during the nation's formative years. When its charter expired in 1811 amid political controversy, the bank was dissolved, but the building remained as a testament to the ambition and sophistication of early American finance.

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.

Architecture

Neoclassical Design

The First Bank of the United States is a landmark of American neoclassical architecture:

Exterior

• Temple front: Six Corinthian columns supporting a classical pediment
• Material: Pennsylvania marble
• Pediment: Features a carved eagle, mahogany bough, and cornucopia
• Dimensions: 79 feet wide, 60 feet deep

Interior

• Banking hall: Grand space for banking operations
• Marble floors and columns: Elegant interior finishes
• Note: Interior access is limited; check with the National Park Service for occasional public access

Significance

The building was revolutionary for its time:

• First major American building with a classical temple front
• Demonstrated the young nation's sophistication and ambition
• Influenced subsequent American public architecture

Visiting the First Bank

Access

The First Bank building is owned by the National Park Service but interior access is limited. The exterior and surrounding grounds are accessible:

• Exterior: Viewable at all times
• Interior: Occasionally opened for special events and programs
• Contact NPS: Check with Independence National Historical Park for access opportunities

Getting There

• SEPTA Market-Frankford Line: 2nd Street Station (1 block)
• SEPTA Bus: Routes 5, 17, 21, 42
• Walking: 1 block from Carpenters' Hall and Second Bank of the United States

Nearby Attractions

• Carpenters' Hall (1 block)
• Second Bank of the United States (2 blocks)
• Independence Hall (2 blocks)
• City Tavern (1 block)

Legacy

The First Bank established precedents for American financial institutions:

Financial Stability

The bank helped stabilize the nation's finances during its formative years and established credibility with European creditors.

Constitutional Interpretation

The debate over the bank's constitutionality established principles of constitutional interpretation still applied today.

Second Bank

Financial instability after 1811 led to the creation of the Second Bank of the United States in 1816.

See Also

• Second Bank of the United States
• Alexander Hamilton
• Old City, Philadelphia
• Banking in Philadelphia
• Stephen Girard

External Links

• National Park Service - First Bank
• Visit Philadelphia Guide