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HistoryCentral.com > American History > New Nation > Major Events > 1791 Battle to Establish the Bank
Hamilton urged the founding of the Bank of the United States. Jefferson opposed the idea. The Bank was to be a depository of federal funds and a means of regulating the currency. Its establishment, in February 1791, strengthened the federal government. The Bank was part of the Hamiltonian plan for American economic development. Hamilton's plan was based on raising money through an excise tax on whiskey; instituting a system of tariffs on the importation of manufactured goods and establishing a national bank. The Bank of the United States was designed to create a sound United States monetary policy. The Bank held all government deposits. It then issued bank notes, in place of all outstanding federal debts. This gave the United States a sound paper currency. |
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