December 21, 2014

Homework Help: Government/Economics

Posted by Harry on Thursday, June 14, 2007 at 1:05pm.

The bank of the UNited States is:
A. U.S. Bank
B. First National Bank
C. Bank of America
D. Seafirst
E. None of the Above

If anything, the bank of the U.S. would be the Federal Reserve. I would go with E

There were in actuality two different Banks of the United States.

The First Bank of the US, the brainchild of Alexander Hamilton, was established in 1791 for a twenty year period of time. It began in controversy and also had a controversial end. Thomas Jefferson argued against the bank as did others.

As quoted in ab Article by David Cowen: "The Bank was born, lived, and eventually died a victim of politics. The Bank has been remembered not for what occurred during its operation -- stimulating business, infusing safe paper money into the economy, supporting the credit of the country and national government, and with the Treasury department regulating the financial arena -- but rather for what occurred during the stormy debates at its birth and death. The death of the Bank was another chapter in an ongoing debate between the early leaders of the country who were split between those who preferred a weak central government on the one hand and those who desired a strong central government on the other."

The Second Bak of the United States was chartered in 1816 and lost its charter in 1836. There were major battles between President Andrew Jackson and Nicholas Biddle who was the head of the bank and resulted in the United States withdrawing its deposits from the Second US Bank. This is called the bankwar and is usually discussed in both High School and College American History classes. There are many sites on the computer, your textbook and the library where you can obtain further information.

The Federal Reserve Bank was established in September 1913 by the Federal Reserve Act by the Glass-Owen Bill . It is difficult to pick up a newspaper today without finding a mention of the Federal Reserve System (FED) which plays a major part in our economy.

I hope that this answer has been helpful.

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