USA HISTORY

Detailed explanation-1: -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.

Detailed explanation-2: -In selecting the four members of his first cabinet-Thomas Jefferson as secretary of state, Alexander Hamilton as secretary of treasury, Henry Knox as secretary of war, and Edmund Randolph as attorney general-Washington balanced the two parties evenly.

Detailed explanation-3: -Secretary of State Thomas Jefferson interpreted the Necessary and Proper Clause narrowly, deciding that the bank was unconstitutional because it was not specifically included in the enumerated powers of Congress. Hamilton built his defense of the bank on the implied powers of the Necessary and Proper Clause.

Detailed explanation-4: -Hamilton’s attack on the debt helped secure the confidence and respect of foreign nations. He introduced plans for the First Bank of the United States, established in 1791 which was designed to be the financial agent of the Treasury Department.

Detailed explanation-5: -One of the most important of Alexander Hamilton’s many contributions to the emerging American economy was his successful advocacy for the creation of a national bank.