alexander hamilton persuaded congress to establish the first central bank in the united states.
alexander hamilton persuaded congress to establish the first central bank in the united states.
persuaded congress to establish the first central bank in the united states?
alexander hamilton
section::::history.:central banking in the united states, 1791–1913.:first central bank, 1791 and second central bank, 1816.









































the first u.s. institution with central banking responsibilities was the first bank of the united states, chartered by congress and signed into law by president george washington on february 25, 1791, at the urging of alexander hamilton. this was done despite strong opposition from thomas jefferson and james madison, among numerous others. the charter was for twenty years and expired in 1811 under president madison, because congress refused to renew it.
federal reserve
during the 17th and 18th century the situation was largely reversed compared to today, because several colonies then had their own currencies. this disturbed the british financiers and in the late 18th and early 19th century they worked to gain acceptance in the congress for the idea of an american/united states-central bank modelled by the bank of england. several of the u.s. constitution fathers objected, however, saying that the colonies should be allowed to maintain their own monetary system. the fight was won in the end of the british bankers and their allies, and in 1781 the bank of north america was founded, america's first central bank. however, it was not a real central bank since it only operated in three states and in 1791 was replaced by the first bank of the united states. from 1811 to 1816, the united states had no central bank at all, then the second bank of the united states 1816-1836, and after that another period without a central bank from 1837 to 1862. monetary reform during the 19th century in the us largely focused on the goal of keeping the local money and criticism of the central bank. one of the harshest critics were andrew jackson, the country's seventh president, who said that the central bank concentrated the nation's financial strength in a single institution, that it made the rich richer, that it gave power to the bankers instead of congress, that the country became controlled from outside (read: from british financiers) and the northeastern states favored in the southern and western states expense.
monetary reform in the united states