USA HISTORY

Detailed explanation-1: -Hamilton argued that a national bank is “a political machine, of the greatest importance to the state.” He asserted that a national bank would facilitate the payment of taxes, revenue for which the federal government was desperate.

Detailed explanation-2: -On December 15, 1790, Hamilton submitted a report to Congress making the case. He proposed a Bank of the United States with a $10 million capital (then five times more than all other American banks combined) and the ability to issue paper money. It would be based in Philadelphia and chartered for 20 years.

Detailed explanation-3: -In December 1790, Hamilton submitted a report to Congress in which he outlined his proposal. Hamilton used the charter of the Bank of England as the basis for his plan.

Detailed explanation-4: -Alexander Hamilton was a founding father of the United States, who fought in the American Revolutionary War, helped draft the Constitution, and served as the first secretary of the treasury. He was the founder and chief architect of the American financial system.

Detailed explanation-5: -In his famous Report on a National Bank, presented to the House of Representatives in mid-December 1790, Secretary of the Treasury Hamilton explained in great detail how his proposed system would operate.