Why did Hamilton support the National Bank?

Answer

Alexander Hamilton supported a national bank because the United States needed some way to recovery financially after the Revolutionary War. At the time, the United States had no common currency. The creation of a national bank would facilitate the creation of a common currency.

The creation of common currency was important because, on their own, the currencies of the various states had little value. Using one common currency put a significantly greater amount of financial support behind the currency and raised its value. It was necessary to create a national bank to distribute and manage the new currency. Hamilton's concept of a centralized bank was adopted in 1791. The new bank was to operate for 20 years under the supervision of both the federal government and private individuals. The establishment of the bank was not without controversy, however. Many feared that the bank's northern location would affect the decision to place the United State's capital closer to the a midpoint between the northern and southern states. Others complained that the creation of a national bank fell outside the powers granted to government by the United States Constitution. Regardless, the bank operated for the 20 years for which it was originally chartered before being disbanded in 1811.

Q&A Related to "Why did Hamilton support the National Bank?"
to pay for debt that the US was in.
http://wiki.answers.com/Q/Why_did_Alexander_hamilt...
Alexander Hamilton decided to create the National Bank in 1791. The
http://www.chacha.com/question/why-did-hamilton-su...
Hamilton favored a big government and also a large debt. Thankfully, Jefferson was able to become president to stop the national banks from taking over the contry.
http://answers.yahoo.com/question/index?qid=200710...
At the time there were (at least) two views on this. What Hamilton wanted people to believe and what Thomas Jefferson and James Madison believed (the latter belief later taken up
http://www.quora.com/U-S-History/US-History-Why-di...
Explore this Topic
Jefferson and Madison opposed the national bank because they felt it was unconstitutional and because they felt that the centralization of financial power would ...
Thomas Jefferson opposed the creation of a First Bank of the United States because he believed that such a centralized institution was not beneficial to his ideal ...
President Andrew Jackson opposed the Second Bank of the United States because he believed that it held too much power without accountability and that it was unconstitutional.Moreover ...
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2014 Ask.com