Morris pursued an array of reforms designed to boost the economy; many of the reforms were inspired by the laissez-faire economic ideas of Adam Smith. Shortly after taking office, he convinced Congress to establish the Bank of North America, the first bank to operate in the United States. Such a bank had been discussed in the months prior to Morris's appointment, but the bank itself was organized along lines laid out by Robert Morris and Gouverneur Morris. It was established as a private institution governed by its investors, but was subject to inspection by the Superintendent of Finance. The bank would take the national government's deposits, provide loans to Congress, and issue banknotes. Morris hoped that the bank would help finance the war, stabilize the nation's currency, and bring the country together under one unified monetary policy. As the bank would take some time to begin functioning, in 1781 Morris presided over the issuing of a new currency, referred to as "Morris notes," backed by Morris's own funds. Morris also convinced Congress to allow him to purchase all supplies for the Continental Army, and Congress required states to furnish funding rather than supplying goods like flour or meat.