One of the most serious issues President Washington had to deal with was the national debt accrued during the Revolutionary War. As a solution, the legislation establishing the first Bank of the United States was signed into law by President.
After the American Revolution, the country was confronted with the problem of a significant national debt.
The state owed France roughly 25 million dollars after borrowing money from them to pay for the costs of fighting the war.
But who would be liable for the debt the states owed once the Constitution placed the states under a federal government?
Alexander Hamilton, the newly appointed Treasury Secretary, proposed a two-part solution, in which the federal government would take on the state's debt and establish a national bank.
Thomas Jefferson and his supporters rejected Hamilton's claim.
After much discussion between these two newly formed factions—the Federalists, and Democratic-Republicans, —the bill establishing the first Bank of the United States managed to pass both the House and Senate.
In early 1791, President Washington signed the bill into law.
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