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The Bank Bill of 1791 is a common term for two bills passed by the First Congress of the United States of America on February 25 and March 2 of 1791. [1] [2] [3]
On February 25, 1791, convinced that the constitution authorized the measure, [16] Washington signed the "bank bill" into law. On March 19, 1791 Washington appointed three Commissioners for the taking of subscriptions for this new bank: Thomas Willing, David Rittenhouse, and Samuel Howell. [18]
Despite Madison’s objections, the Bank Bill of 1791 penned to form the First Bank of the United States passed without amendment in the US House of Representatives [12] by a vote of 39-20 [13] on February 8, 1791. The bank was endowed with a 20-year charter.
The bank's initial public offering in July of 1791 was the largest such event in the young country's history, as the $8 million of offered shares were quickly snapped up by the nation's elite.
In 1791, former Morris aide and chief advocate for Northern mercantile interests, Alexander Hamilton, the Secretary of the Treasury, accepted a compromise with the Southern lawmakers to ensure the continuation of Morris's Bank project; in exchange for support by the South for a national bank, Hamilton agreed to ensure sufficient support to have the national or federal capitol moved from its ...
Hamilton's proposed national bank would provide credit to fledgling industries, serve as a depository for government funds, and oversee one nationwide currency. In response to Hamilton's proposal, Congress passed the Bank Bill of 1791, establishing the First Bank of the United States. [26]
An Act supplementary to the act intituled “An act to incorporate the subscribers to the Bank of the United States.” Sess. 3, ch. 11 1 Stat. 196: 12: March 2, 1791: Laws of the United States extended to Vermont. An Act giving effect to the laws of the United States within the state of Vermont. Sess. 3, ch. 12 1 Stat. 197: 13: March 2, 1791
[21] [22] This “broad” [12] or “liberal” [23] [24] interpretation swayed President Washington, who signed the bank bill on February 25, 1791. Hamilton's success in advancing his fiscal and financial schemes [5] moved Madison and Jefferson towards establishing the political foundations for a two-party system.