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Articles and Products of History
The Bank of the United
States: 18th Century Genius
Shortly after the United States of American won her independence from
British rule, the economy in the New World flourished. Alexander Hamilton,
the first United States Secretary of the Treasury, saw the importance
of America collecting money owed to her. The debt owed to the United States
amounted to almost 12 million in foreign debt, as well as 40 million in
Confederate War Bonds, and another 28 million due by individual states.
By having this money, in America’s hands it would assure America her place
among the political powers of its time.
With this massive collection in progress, Hamilton help to start the
Bank of the United States. He thought it best if this bank was privately
owned and not a government bank. Its system of operation was to liken
that of England. The Bank of the United States was designated to be the
financier of the United States during times of war, it was to provide
currency, and regulate credit. Hamilton’s thought being that this bank
would give America leverage in times of crisis, and a sense of political
clout in the outside world.
The United States soon began to be self sufficient. Tariffs were imposed
on goods imported into the country. This was an attempt to keep all means
of manufacturing and food supply on American soil, and to discourage paying
outsiders for things American could, and should, provide for themselves.
The same principle that England was once imposing on the colonies pre-Revolution,
the United States began imposing on themselves. By doing this, it helped
to build the United States of America’s economy and political power throughout
the entire world.
Further Reading
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