Tag Archives: Alexander Hamilton

The New Constitution Tested: Creating the Bank of the United States

Despite pro-Constitution writers’ arguments that the new government’s powers were limited, those limits were tested very quickly. George Washington, the first President under the new Constitution, inherited a financial disaster of debt. His treasury secretary, Alexander Hamilton, proposed a central banking system–the Bank of the United States–to manage the national debt and issue currency. Nowhere did the new Constitution define “creating a bank” as one of the federal governments powers.

Continue reading