First Bank of the United States
About this property
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto national bank. However, neither served the functions of a modern central bank: they did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort. They were national insofar as they were allowed to have branches in multiple states and lend money to the US government. Other banks in the US were each chartered by, and only allowed to have branches in, a single state. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first secretary of the treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution. The First Bank building, located in Philadelphia, Pennsylvania, within Independence National Historical Park, was completed in 1797, and is a National Historic Landmark for its historic and architectural significance.
Location
Categories
Property data from the National Register of Historic Places, National Park Service (public domain).
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Questions about this property
When was First Bank of the United States listed on the National Register?
First Bank of the United States was listed on the National Register of Historic Places on May 3, 1987.
What type of historic resource is First Bank of the United States?
First Bank of the United States is classified as a building in the National Register of Historic Places.
Is First Bank of the United States a National Historic Landmark?
Yes. First Bank of the United States has been designated a National Historic Landmark (NHL), the highest level of federal recognition for historic properties in the United States.
What is the period of significance for First Bank of the United States?
The period of significance for First Bank of the United States is recorded as the industrial era.
Can I research the history near First Bank of the United States?
Yes. Aubrey Research reports search National Register listings, battlefield records, land patents, and other primary historical sources within any radius of a US address. A report for an address near First Bank of the United States will include this listing and all other historical records in the area.
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