This case revolved around disputes over the creation of a national bank. In 1791, Congress
chartered the first bank of the United States, even though some national leaders, including Thomas
Jefferson, argued that such a bank was not authorized by the Constitution is what?

The War for Independence was over, but all was not well. The United States of America, a name the new country had adopted under the Articles of Confederation, was beset with problems. The 1780s saw widespread economic disruption. The new nation’s leaders had their work cut out for them: reestablishing commerce and industry, repaying war debt, restoring the value of the currency, and lowering inflation.

One prominent architect of the fledgling country — Alexander Hamilton, the first secretary of the Treasury under the new Constitution — had ambitious ideas about how to solve some of these problems. One of those was creating a national bank. In December 1790, Hamilton submitted a report to Congress in which he outlined his proposal. Hamilton used the charter of the Bank of England as the basis for his plan. He argued that an American version of this institution could issue paper money (also called banknotes or currency), provide a safe place to keep public funds, offer banking facilities for commercial transactions, and act as the government’s fiscal agent, including collecting the government’s tax revenues and paying the government’s debts.

This case revolved around disputes over the creation of a national bank. In 1791, Congress chartered the first bank of the United States, even though some national leaders, including Thomas Jefferson, argued that such a bank was not authorized by the Constitution is what?

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This case revolved around disputes over the creation of a national bank. In 1791, Congress
chartered the first bank of the United States, even though some national leaders, including Thomas
Jefferson, argued that such a bank was not authorized by the Constitution is what?