USA HISTORY

Detailed explanation-1: -At the inauguration of the constitutional government in 1789 Alexander Hamilton (1757-1804), George Washington’s former military aide and a renowned financier, was appointed the first Secretary of the Treasury and thus he became the architect of the structure of the Department.

Detailed explanation-2: -As Secretary of the Treasury, Hamilton was in large part responsible for setting up our modern banking system, establishing the federal budget process, and establishing the Bank of the United States.

Detailed explanation-3: -Hamilton’s vision for reshaping the American economy included a federal charter for a national financial institution. He proposed a Bank of the United States. Modeled along the lines of the Bank of England, a central bank would help make the new nation’s economy dynamic through a more stable paper currency.