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First Bank of the United States of federal government, the Bank was responsible for tax collection, fund security, government loan making, deposit transfers through the bank's branch network, and bill payment.
One of the pillars of Hamilton's fiscal strategy was the First Bank of the United States. It made it easier to issue a stable national currency, pay off the public debt from the American Revolution, and give historians in the country a convenient way to exchange goods and services. Economic historians view The First Bank of the United States as a success. The Bank, according to Treasury Secretary Albert Gallatian, was "wisely and skillfully administered" (Hixson, 114). The Bank maintained an extraordinary level of liquidity. From the beginning, the act establishing the first Bank of the United States sparked debate. Some congressmen raised worries about elitism, the invasion of state's rights, and unconstitutionality, particularly those from the south. On February 8, 1791, the legislation was approved by both houses of Congress. This resistance was mostly based on the historians the bank imposed on privately owned, state-chartered banks; this was also considered as an infringement on the rights of the states, and the First Bank of the United States federal charter was deemed unconstitutional. When the 20-year charter came to an end in 1811, renewal proved politically unfeasible.
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