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Article: Bank of the United States (First National Bank)
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 1999 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BANK OF THE UNITED STATES (FIRST NATIONAL BANK)
The nation's founding fathers differed on whether a national bank should be created when they drafted the U.S. Constitution (1788) and established the federal government. This split led to the formation of the two major political parties. The first Secretary of the Treasury Alexander Hamilton (1755
–
1804) led the Federalist Party. The Federalists believed that the government could use all powers except those expressly denied by the Constitution. Hamilton promoted the establishment of a national bank, arguing it would strengthen the government and promote economic growth. Secretary of State Thomas Jefferson (1743
–
1826) headed ...