, Research Paper
A national bank is an essential part of this nation’s economy! It can further strengthen the ties between rich Americans and the federal government.1 It has stabilized this nation’s economy, united the country, and improved trade between the colonies.
As you already know, Alexander Hamilton became the first Secretary of the Treasury in 1789. On December 14,1790, he formally proposed his plan for the Bank of the United States. The federal government would own 1/5 of the bank’s stock. In addition, the bank would offer a national paper currency, Even though Republicans did not welcome the idea of a national bank, it was chartered in 1791.
First and foremost, this nation’s debts need to be paid off. The greatest debt is that from the Revolutionary War. Then, in addition to the war debt, there are the debts from each of the colonies, which range from vary large amounts to almost nothing at all. The best way to pay these off in a timely manner is with a national bank regulating payments.
Before the Bank of the United States, each colony had their own different form of currency. This made trade between the colonies difficult. The bank has changed this: now each colony uses the same form of currency. This has greatly facilitated trade between the colonies and thus improved the economy.
In addition to improving trade and the economy, the bank has united the colonies. Before, when each one had a different form of currency, the colonies seemed more like small, neighboring countries than part of one large country.
The bank’s stock options are also a great asset. The government could make a huge profit on its share of the bank at any time should it decide to sell. There are also investors, either in foreign countries or here in this country, who may see the bank’s stocks as a good investment. Even Thomas Jefferson, one of the bank’s opponents, thought of these stocks as a good investment-he suggested to one of his friends in France the bank’s stocks.
In addition to the points I have already brought up about the Bank of the United States there is also the fact that that it provides a safe place for public funds to be kept. Also it provides for a comfortable environment where commercial transactions can take place.
I believe that this country has a lot of dedicated people who care about the future. We have the means to turn our debts into surpluses and the best way to do this is by means of the Bank of the United States. This is the best way to run this country’s finances. I also think it has brought unity to the country and financial stability.
Daniels, Jonathan. Ordeal of Ambition. New York: Doubleday & Company, Inc. 1970
Morison, Samuel Eliot. The Oxford History of the American People. New York: Oxford University Press, 1965