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Hamilton's bank – the First Bank of the United States [29] - had a mixture of government and private ownership, and was subject to public oversight. The federal government appointed five of the twenty-five bank directors and held one-fifth (20%) of the Bank's stock.
Alexander Hamilton was the first Secretary of the Treasury. In addition to sponsoring a national bank, Hamilton's other measures included an assumption of the state war debts by the U.S. government, establishment of a mint and imposition of a federal excise tax. The goals of Hamilton's measures were to: [2]
In United States history, the Second Report on the Public Credit, [1] also referred to as The Report on a National Bank, [2] was the second of four influential reports on fiscal and economic policy delivered to Congress by the first U.S. Secretary of the Treasury, Alexander Hamilton.
Hamilton immediately followed up his success with the Second Report on Public Credit, which contained his plan for the Bank of the United States, a national, privately operated bank endowed with public funds that became the forerunner of the Federal Reserve System.
The First Bank of the United States was established at the direction of Treasury Secretary Alexander Hamilton in 1791. Hamilton supported the foundation of a national bank because he believed that it would increase the authority and influence of the federal government, effectively manage trade and commerce, strengthen the national defense, and pay the debt.
Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790.The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip.
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]
Hamilton's Report on a National Bank was a projection from the first Report on the Public Credit. Although Hamilton had been forming ideas of a national bank as early as 1779, [96]: 268 he had gathered ideas in various ways over the past eleven years.