Bank+of+the+United+States+Hamiltion+p7

__Summary of the Bank of the United States:__ The Bank of the United States was charted by the United States Congress on February 25, 1791. The idea, proposed by Alexander Hamilton, was created to handle the financial needs of the United States Government and was brought up at the first session of the First Congress in 1790. It was modeled after the Bank of England in Philedelphia and it would be the only National Bank in the United States. Ten million dollars were put into the bank by the people and the money was strictly watched by the Government(a semi-public bank). One fifth of the money could be hld by the federal government and could be useful to the treasury in issuing notes, safeguarding surplus tax money, and facilitating numerous public financial transactions. The bank had many benifits, such as a ready source of loans and a depository for government capital that could be easily transfered between cities. The banks charter lasted for 20 years and had eight branches nationwide. It expired in 1811 and the vote to recharter the bank lost in a close 65 to 64. The United States Bank did not return until 1816 when James Madison brought it back in the Second Bank of the United States.

__Alexander Hamilton's Viewpoint:__ The main debate over the Bank of the United States came down to the topic of if it was "necessary" or "convenient". Thomas Jefferson did not agree with creating the Bank of the United States because the Constitution states that it allows only things that are necessary and he does not think the idea of a bank falls within these restrictions. Hamilton however did not agree with these ideas and thought that the bank would be more than just convenient. He saw it as a completely necessary thing that would push the United States furthur toward success. He stated that a bank can solve common problems such as collecting taxes, regulating trade, and providing for the common defense, which is in fact one of America's main priorities stated in the Preamble of the Constitution. He viewed creating a bank as helpful to our country and necessary to leading our country for a stronger future.

__Questions__ 1) Why not create a bank? Can you name more disadvantages than advantages? 2) Just because the Federal Bank is not delegated by the Constitution, does that make it unconstitutional? There's nothing in the Constitution against it? 3) A bank is not just convenient, it is a necessity for our country to flourish. How is it not benefiting out country?