Bank of the United States facts for kids
Quick facts for kids |
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First Bank of the U S
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3rd Street facade (2009)
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| Location | 128 South 3rd Street Philadelphia, Pennsylvania |
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| 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 First Bank of the United States was a very important bank in early American history. It was created by the United States Congress on February 25, 1791. This bank was given permission to operate for twenty years. It was like the country's first main bank, helping to manage the new nation's money. Before it, there was another bank called the Bank of North America.
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What Was the First Bank of the U.S.?
The First Bank of the United States was a special kind of bank. It was called a "national bank." This meant it worked for the entire country, not just one state. Its main job was to help the new United States government with its money.
Why Did America Need a National Bank?
After the American Revolutionary War, the United States was a new country. It needed a strong way to handle its money. The government had debts from the war. It also needed a way to collect taxes and pay its bills.
Alexander Hamilton's Big Idea
Alexander Hamilton was the first Secretary of the Treasury. This job is like the main money manager for the country. Hamilton had a big plan to make America's money system strong. He thought a national bank was a key part of this plan.
He believed the bank would make the country's money system trustworthy. It would also help the government manage its finances better. This was important because the country was just starting under its new main rulebook, the Constitution.
The Bank's Home in Philadelphia
The main building for the First Bank is in Philadelphia, Pennsylvania. It is located inside Independence National Historical Park. This park is home to many important historical places. The bank building was finished in 1797. Today, it is a National Historic Landmark. This means it is a very important historical building because of its history and how it was built.
