The post Pre-Federal Reserve, The First Bank Of The United States Kept Its Cool appeared on BitcoinEthereumNews.com.

Private people bought the First Bank’s assets, including the plant as in the Philadelphia picture here, after it expired (Photo by Kean Collection/Getty Images) Getty Images The eminent national pastime of trashing the Federal Reserve has a distinguished pedigree in American history. Maybe one time, and one time only, we had a creditable national bank. This was not in the 1820s and 1830s, when Congress chartered a second Bank of the United States, and popular outrage against it rose to the level of mass public entertainment. The President, Andrew Jackson, riding the excitement, killed this bank off in the 1830s, just as he with Congress repaid the national debt. Trashing the bank resulted in political agitation, which resulted in people in office who would do everything necessary to end the bank. The bank ended. This was the system working. As for cavils that the closing of the second bank caused panics and mini-depressions after 1836, not these but the persistence of a long-term boom find support in the macroeconomic statistics. But we come today not to bury the second Bank of the United States (the one that Jackson ended), but more or less to praise the first one, the Bank of the United States that existed from 1791 to 1811. When the United States started its new government after the ratification of the Constitution in 1789, the first laws of note concerned the establishment of skeletal political-economic institutions. The tariff of 1789 set up the revenue system, the Coinage Act of 1792 the definition of the dollar and the Mint, and in 1791 came the Bank of the United States with a twenty-year Congressional charter. Why a Bank of the United States? It was a place to pay taxes. Domestic taxation at the federal level had to be paid somewhere.…

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Filed under: News - @ November 27, 2025 2:26 am