PLEAE HELP You are a researcher working with the Treasury Department and the Philadelphia Historical Society on a brochure that will introduce tourists visiting the First Bank of the United States, the nation’s first federally chartered bank, which still stands at 120 South Third Street in Philadelphia. In approximately 225 words, your brochure should explain why the bank was chartered, what services it provided, how long it was chartered, what competition the bank faced and what happened after the bank’s charter expired.

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Explanation:

In 1791, The First Bank of the United States was founded by Alexander Hamilton. It was the first federally charted bank , and still stands today. The goals Hamilton had for this bank were rather simple - to establish financial order, establish credit, and resolve debts from the Revolutionary War. Hamilton also requested that the bank was to be a private company, having a 20 year charter, and would only allow the Secretary of the Treasury to remove government deposits and inspect the record books. The founding fathers originally thought that this proposal was unconstitutional when it was first brought to them. They did not want people other than congress to regulate money. The House and the Senate both made their objections, and after much debate and revision, they made a final proposal. President George Washington signed the bill in February of 1791, thus creating the First Bank of the United States. This carter expired in 1811, and in 1816 the bank was succeeded by the Second Bank of the United States. After it expired, other banks began opening up and they had similar goals. Many of these banks are still open today, and continue to help people in both saving money and helping financially.

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