Essay on The Federal Reserve System During The United States
A) The First Bank of the United States
Congress created the First Bank of the United States in 1791, at the insistence of the then Treasury Secretary Alexander Hamilton. Its center of operations were stationed in Philadelphia, but had many other branches in other major cities. The bank was set with a 20-year charter, which would expire in 1811. It was a nationwide bank and the largest corporation in the country, filled by big banking and monetary interest (Gardner, 1962). The bank carried out basic banking functions such as accepting deposits, making loans, issuing bank notes, and purchasing securities. As a result of its great impact on the economy, the First Bank became an influential tool for both American commerce and the federal government (Patrick, 1988).
However, many Americans were frightened by the…