ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Hamilton delivered a 15, 000-word rebuttal that swayed Washington. Congress gave the Bank of the United States, now commonly known as the First Bank, a 20-year charter that started in December 1791. The bank did not dictate fiscal policy, but it still wielded great influence over the country’s finances due to its size.

Detailed explanation-2: -Hamilton designed the First Bank to help the government get on its financial feet and to galvanize American commerce by providing currency and loans to businesses and individuals.

Detailed explanation-3: -Alexander Hamilton conceived of the bank to handle the colossal war debt-and to create a standard form of currency. Up to the time of the bank’s charter, coins and bills issued by state banks served as the currency of the young country.

Detailed explanation-4: -On this date, the House of Representatives passed a bill establishing the first Bank of the United States. In both the House and the Senate, Secretary of the Treasury Alexander Hamilton of New York lobbied support for the bank legislation.