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Long title | An Act to incorporate the subscribers to the Bank of the United States. |
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Enacted by | the 1st United States Congress |
Effective | February 25, 1791 |
Citations | |
Public law | Pub. L. 1–10, Session III |
Statutes at Large | 1 Stat. 191, Chap. 10 |
Legislative history | |
|
The Bank Bill of 1791 is a common term for two bills passed by the First Congress of the United States of America on February 25 and March 2 of 1791. [1] [2] [3]
After Alexander Hamilton became Secretary of the Treasury in 1790, he promoted the expansion of the federal government through a variety of controversial bills. Hamilton argued that a federal bank would be beneficial to the national economy. The opening paragraph of the bill sums up his arguments:
Whereas it is conceived that the establishment of a bank for the United States, upon a foundation sufficiently extensive to answer the purposes intended thereby, and at the same time upon the principles which afford adequate security for an upright and prudent administration thereof, will be very conducive to the successful conducting of the national finance; will tend to give facility to the obtaining of loans, for the use of the government, in sudden emergencies; and will be productive of considerable advantages to trade and industry in general:
This bill grants that a "bank of the United States" shall be granted limited legal rights in order to manage the national finance, to obtain loans for the federal government in case of sudden emergencies, and to promote trade and industry. The bank was granted the following legal rights and restrictions:
The corporation was granted the right to issue paper stock under the following restrictions:
The shareholders of the bank were granted the legal right of corporate personhood and the corporation was granted several rights:
The corporation would be self-governed according to the following organizational structure:
This article has multiple issues. Please help
improve it or discuss these issues on the
talk page. (
Learn how and when to remove these template messages)
|
Long title | An Act to incorporate the subscribers to the Bank of the United States. |
---|---|
Enacted by | the 1st United States Congress |
Effective | February 25, 1791 |
Citations | |
Public law | Pub. L. 1–10, Session III |
Statutes at Large | 1 Stat. 191, Chap. 10 |
Legislative history | |
|
The Bank Bill of 1791 is a common term for two bills passed by the First Congress of the United States of America on February 25 and March 2 of 1791. [1] [2] [3]
After Alexander Hamilton became Secretary of the Treasury in 1790, he promoted the expansion of the federal government through a variety of controversial bills. Hamilton argued that a federal bank would be beneficial to the national economy. The opening paragraph of the bill sums up his arguments:
Whereas it is conceived that the establishment of a bank for the United States, upon a foundation sufficiently extensive to answer the purposes intended thereby, and at the same time upon the principles which afford adequate security for an upright and prudent administration thereof, will be very conducive to the successful conducting of the national finance; will tend to give facility to the obtaining of loans, for the use of the government, in sudden emergencies; and will be productive of considerable advantages to trade and industry in general:
This bill grants that a "bank of the United States" shall be granted limited legal rights in order to manage the national finance, to obtain loans for the federal government in case of sudden emergencies, and to promote trade and industry. The bank was granted the following legal rights and restrictions:
The corporation was granted the right to issue paper stock under the following restrictions:
The shareholders of the bank were granted the legal right of corporate personhood and the corporation was granted several rights:
The corporation would be self-governed according to the following organizational structure: