kids encyclopedia robot

Bank of the United States facts for kids

Kids Encyclopedia Facts
Quick facts for kids
First Bank of the U S
FirstBankofUS00 crop.jpg
3rd Street facade (2009)
Location 128 South 3rd Street
Philadelphia, Pennsylvania
Built 1795
Architect Samuel Blodgett,
possibly with James Hoban
Architectural style Greek Revival, other
NRHP reference No. 87001292
Added to NRHP May 4, 1987

The President, Directors and Company, of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto central bank.

Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.

The First Bank building, located in Philadelphia, Pennsylvania, within Independence National Historical Park, was completed in 1797, and is a National Historic Landmark for its historic and architectural significance.

kids search engine
Bank of the United States Facts for Kids. Kiddle Encyclopedia.