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2018-07-05 13:43:41
Congress Establishes the Bank of the United States as Part of Alexander Hamilton’s Plan
[ALEXANDER HAMILTON].Newspaper. Gazette of the United States, March 2, 1791. Philadelphia: John Fenno. Includes full text of February 25 "Act to Incorporate the Subscribers to the Bank of the United States." 4 pp., 10 x 16 in."An Act to Incorporate the Subscribers to the Bank of the United States""The establishment of a bank for the United States…upon the principles which afford adequate security for an upright and prudent administration."This foundational act is printed in full on the front page under an engraving of an early version of the Great Seal of the United States. It is signed in type by George Washington as President, John Adams as Vice President and President of the Senate, Frederick Augustus Muhlenberg as Speaker of the House, and Thomas Jefferson as Secretary of State.Historical BackgroundFirst U.S. Secretary of the Treasury Alexander Hamilton proposed a three-part financial system to stabilize and improve the nation's credit and monetary supply. In addition to the assumption of state war debts, and the establishment of a federal mint and excise taxes, Hamilton proposed the creation of a national bank to handle the financial business of the United States government under the newly approved Constitution.Hamilton's idea was that the new bank could be funded by the sale of $10 million in stock, of which the U.S. government would purchase $2 million on loan to be paid back in ten annual installments. The remaining stock would be sold to individuals in the United States and abroad.Secretary of State Thomas Jefferson and James Madison opposed th … [Klicken Sie unten für eine ausführliche Beschreibung]
Verkäufer: Seth Kaller, Inc. [US]
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