what is one reason the first bank of the united states was established
First Bank of the United States Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.
Preamble to the United States Constitution The phrase "to form a more perfect Union" has been construed as referring to the shift to the Constitution from the Articles of Confederation.[71] In this transition, the "Union" was made "more perfect" by the creation of a federal government with enough power to act directly upon citizens, rather than a government with narrowly limited power that could act on citizens (e.g., by imposing taxes) only indirectly through the states.[72] Although the Preamble speaks of perfecting the "Union," and the country is called the "United States of America," the Supreme Court has interpreted the institution created as a government over the people, not an agreement between the States.[73] The phrase has also been interpreted to confirm that state nullification of any federal law,[74] dissolution of the Union,[75] or secession from it,[76] are not contemplated by the Constitution.
First Bank of the United States The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto central bank.
Second Bank of the United States The efforts to renew the bank's charter put the institution at the center of the general election of 1832, in which the bank's president Nicholas Biddle and pro-bank National Republicans led by Henry Clay clashed with the "hard-money"[18][19] Andrew Jackson administration and eastern banking interests in the Bank War.[20][21] Failing to secure recharter, the Second Bank of the United States became a private corporation in 1836,[5][22] and underwent liquidation in 1841.[23]