36-1372: First National Bank may refer to: Worldwide [ edit ] Lebanon [ edit ] First National Bank (Lebanon) Japan [ edit ] Dai-Ichi Bank , formerly First National Bank ( 第一国立銀行 , Dai'ichi Kokuritsu Ginkõ ) South Africa [ edit ] First National Bank (South Africa) United States [ edit ] Banking institutions (existing) [ edit ] First National Bank of Florida First National Bank of Layton , Utah First National Bank of Omaha , Nebraska FNB Corporation of Pittsburgh, Pennsylvania Banking institutions (former) [ edit ] First National Bank (Bolivar, Missouri) First National Bank (Brooksville, Florida) First National Bank (Clinton, Iowa) First National Bank, Hoboken, New Jersey First National Bank (Iowa Falls, Iowa) First National Bank of Mason City , Mason City, Iowa First National Bank (Mount Pleasant, Iowa) First National Bank (New Cumberland, West Virginia) First National Bank (Philadelphia) , Philadelphia, Pennsylvania First National Bank of Arizona, became part of First Interstate Bancorp First National Bank of Boston, acquired by Fleet Bank and merged into Bank of America First National Bank of Brooklyn , acquired by Bank of
72-618: A lender of last resort . They were national insofar as they were allowed to have branches in multiple states and lend money to the US government. Other banks in the US were each chartered by, and only allowed to have branches in, a single state. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton , first Secretary of
108-461: A suggestion he had made nearly a year before—increase the duty on imported spirits, plus raise the excise tax on domestically distilled whiskey and other liquors. Local opposition to the tax led to the Whiskey Rebellion . Jefferson's views: "Hamilton's financial system had then passed. It had two objects; 1st, like a puzzle, to exclude popular understanding and inquiry; 2nd, as a machine for
144-415: Is different from Wikidata All article disambiguation pages All disambiguation pages First National Bank (Lebanon) First National Bank (Arabic: فرست ناشونال بنك) is a Lebanese financial bank, established in the year 1991 under the name (Bank of Commerce SAL). The bank continued to carry out limited banking activities until the year 1994, when a group of Gulf businessmen acquired
180-704: The "Bank of Stephen Girard." Girard was the sole proprietor of his bank, and thus avoided the Pennsylvania state law which prohibited an unincorporated association of persons from establishing a bank, and which required a charter from the legislature for a banking corporation. The First Bank of the United States was established in Philadelphia , Pennsylvania , while the city served as the national capital, from 1790 to 1800. The bank began operations in Carpenters' Hall in 1791, some 200 feet from its permanent home. Design of
216-617: The Bank of the United States , commonly known as the First Bank of the United States , was a national bank , chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America , the nation's first de facto national bank. However, neither served the functions of a modern central bank : They did not set monetary policy , regulate private banks, hold their excess reserves , or act as
252-565: The First Bank of the United States, as cashier of the new bank, and with seven other employees, opened for business on May 18, 1812. He allowed the Trustees of the First Bank of the United States to use some offices and space in the vaults to continue the process of winding down the affairs of the closed bank at a nominal rent. Over its early history the bank was known as "Girard's Bank," or as "Girard Bank" or also as "Stephen Girard's Bank" or even
288-1236: The Manhattan Company and merged into JPMorgan Chase First Bank of the United States , first private central bank of the United States First Chicago Bank , formerly First National Bank of Chicago, Illinois First Financial Bank , formerly First National Bank of Terre Haute, Indiana First Maryland Bancorp , now part of M&T Bank PNC Financial Services , formerly First National Bank of Pittsburgh, Pennsylvania Regions Bank , formerly First National Bank of Little Rock, Arkansas Seafirst Bank or Seattle-First National Bank; acquired by Bank of America Security Pacific Bank , formerly Security-First National Bank of Los Angeles, California Southeast Banking Corporation , formerly First National Bank of Miami, Florida Wachovia Bank of Georgia , formerly First National Bank of Atlanta, Georgia See also [ edit ] First National Bank Building (disambiguation) First Bank (disambiguation) First National Bank of Boston v. Bellotti All pages with titles beginning with First National Bank Topics referred to by
324-676: The Manhattan Company and merged into JPMorgan Chase First National Bank of Charleroi , Charleroi, Pennsylvania First National Bank of Charlotte , Charlotte, North Carolina First National Bank of Davenport , Iowa First National Bank of Dubuque , merged into US Bancorp First National Bank of Minneapolis and First National Bank of Saint Paul , Minnesota, now part of US Bank First National Bank of New York, now part of Citibank First National Bank of Oregon, became part of First Interstate Bancorp First National Bank of San Francisco, merged with Crocker National Bank First National Bank of Whitestone , acquired by Bank of
360-527: The States (or the people). Additionally, his belief was that if the Constitution's writers had wanted Congress to have such power, they would have made it explicit. The decision would ultimately fall on President George Washington , following his deliberate investigation of the cabinet members' opinions. George Washington initially declared that he was hesitant to sign the "bank bill" into law. Washington asked for
396-609: The Treasury . Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution . The First Bank building, located in Philadelphia , Pennsylvania , within Independence National Historical Park , was completed in 1797, and is a National Historic Landmark for its historic and architectural significance. Alexander Hamilton
SECTION 10
#1732845541581432-486: The bank building is credited to Samuel Blodgett, Superintendent of Buildings for the new capital in Washington, DC., although it has also been attributed to James Hoban . It was completed in 1797 and was the first building specifically for the new federal government. The First Bank of the United States has received various designations as a historic building. It was included in Independence National Historical Park when
468-416: The bank unconstitutional. While Hamilton's rebuttals were many and varied, chief among them were these two: On February 25, 1791, convinced that the constitution authorized the measure, Washington signed the "bank bill" into law. On March 19, 1791 Washington appointed three Commissioners for the taking of subscriptions for this new bank: Thomas Willing , David Rittenhouse , and Samuel Howell . Willing
504-579: The bank's shares, including Mr. Mohammed Al-Sager . In the year 2000, Lebanon Invest SAL acquired 62% of the bank's shares, and in 2002 the aforementioned bank merged with the Societe Bancaire du Liban (SBL) and the name was changed to First National Bank . The bank includes 24 branches in Lebanon. First Bank of the United States The President, Directors and Company of
540-466: The bill for funding and paying these, Hamilton made no difference between the original holders and the fraudulent purchasers of this paper." — Thomas Jefferson , February 4 entry in The Anas Hamilton's bank proposal faced widespread resistance from opponents of increased federal power. Secretary of State Thomas Jefferson and James Madison led the opposition, which claimed that the bank
576-428: The bill, the concept, and establishment of a national mint, met with no real objection, and sailed through; it was assumed the second and third part (the bank and an excise tax to finance it) would likewise glide through, and in their own way they did: The House version of the bill, despite some heated objections, easily passed. The Senate version of the bill did likewise, with considerably fewer, and milder, objections. It
612-418: The birth of our government, some members were found sordid enough to bend their duty to their interests, and to look after personal rather than public good. It is well known that during the war the greatest difficulty we encountered was the want of money or means to pay our soldiers who fought, or our farmers, manufacturers, and merchants, who furnished the necessary supplies of food and clothing for them. After
648-427: The corruption of the legislature; for he avowed the opinion, that man could be governed by one of two motives only, force or interest; force, he observed, in this country was out of the question, and the interests, therefore, of the members must be laid hold of, to keep the legislative in unison with the executive. And with grief and shame, it must be acknowledged that his machine was not without effect; that even in this,
684-420: The existing state of government finances, more money was needed. This could be achieved either by selling the government's shares of stock in the bank or by raising taxes. Wolcott advised the first choice. Congress quickly agreed. Hamilton objected, believing that the dividends on that stock had been inviolably pledged for the support of the sinking fund to retire the debt. Hamilton tried to organize opposition to
720-467: The expedient of paper money had exhausted itself, certificates of debt were given to the individual creditors, with an assurance of payment so soon as the United States should be able. But the distresses of these people often obliged them to part with these for the half, the fifth, and even a tenth of their value; and speculators had made a trade of cozening them from the holders by the most fraudulent practices, and persuasions that they would never be paid. In
756-420: The federal government—a depository for collected taxes, making short-term loans to the government to cover real or potential temporary income gaps, serving as a holding site for both incoming and outgoing monies—was considered highly important but still secondary in nature. There were other, non-negotiable conditions for the establishment of the First Bank of the United States. Among these were: To ensure that
SECTION 20
#1732845541581792-445: The government could meet both the current and future demands of its governmental accounts, an additional source of funding was required, "for interest payments on the assumed state debts would begin to fall due at the end of 1791...those payments would require $ 788,333 annually, and... an additional $ 38,291 was needed to cover deficiencies in the funds that had been appropriated for existing commitments." To achieve this, Hamilton repeated
828-506: The law of the Constitution. Secretary of State Thomas Jefferson argued that the bank violated traditional property laws and that its relevance to constitutionally authorized powers was weak. Another argument came from James Madison, who believed Congress had not received the power to incorporate a bank or any other governmental agency. His argument rested primarily on the Tenth Amendment: that all powers not endowed to Congress are retained by
864-521: The measure but was unsuccessful. In 1816, the bank was succeeded by the Second Bank of the United States . After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank, later known as Girard Bank . Girard hired George Simpson, the cashier of
900-615: The park was formed in 1956. The building's architecture was studied by the Historic American Buildings Survey in 1958. With the rest of Independence National Historical Park, it was listed on the National Register of Historic Places on October 15, 1966, and the bank was then declared a National Historic Landmark on May 4, 1987. It is described in the landmark designation as an early masterpiece of monumental Classical Revival design. The building has been closed to
936-544: The public since the 1970s. Until about 2000, the building housed offices for Independence National Historical Park. A proposal to have it house the collection of the Philadelphia Civil War Museum was abandoned when funding from the state of Pennsylvania was not forthcoming. In June 2023, Independence National Historical Park received $ 22 million from the Great American Outdoors Act to renovate
972-534: The public, both in the United States and overseas. The chief requirement of these non-government purchases was that one-quarter of the purchase price had to be paid in gold or silver; the remaining balance could be paid in bonds, acceptable scrip, etc. Unlike the Bank of England , the primary function of the bank would be to issue credit to the government and private interests, for internal improvements and other economic development, per Hamilton's system of Public Credit . The business would be involved in on behalf of
1008-431: The sale of $ 10 million in stock of which the United States government would purchase the first $ 2 million in shares. Hamilton, foreseeing the objection that this could not be done since the U.S. government did not have $ 2 million, proposed that the government purchase the stock using money lent to it by the bank; the loan to be paid back in ten equal annual installments. The remaining $ 8 million of stock would be available to
1044-483: The same term [REDACTED] This disambiguation page lists articles associated with the title First National Bank . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=First_National_Bank&oldid=1251158822 " Category : Disambiguation pages Hidden categories: Articles containing Japanese-language text Short description
1080-456: The state for the protection of its rights and interests, and the latter facilitates and extends the operations of commerce amongst individuals. — Alexander Hamilton, December 1790 report to George Washington According to the plan put before the first session of the First Congress in 1790, Hamilton proposed establishing the initial funding for the First Bank of the United States through
1116-442: The written advice and supporting reasons from all his cabinet members—most particularly from Hamilton. Attorney General Edmund Randolph from Virginia felt that the bill was unconstitutional. Jefferson, also from Virginia, agreed that Hamilton's proposal was against both the spirit and letter of the Constitution. Hamilton, who, unlike his fellow cabinet members, came from New York, quickly responded to those who claimed incorporation of
First National Bank - Misplaced Pages Continue
1152-475: Was later elected as President on October 25, 1791, until he resigned due to ill health on November 10, 1807. The bank's Philadelphia branch opened its doors on December 12, 1791. Willing was succeeded by David Lenox, serving until the expiration of its charter on March 4, 1811. After Hamilton left office in 1795, the new Secretary of the Treasury Oliver Wolcott Jr. informed Congress that, due to
1188-436: Was mostly to the benefit of business interests in the commercial north, not southern agricultural interests, arguing that the right to own property would be infringed by these proposals. Furthermore, they contended that the creation of such a bank violated the Constitution, which specifically stated that Congress was to regulate weights and measures and issue coined money (rather than mint and bills of credit). The first part of
1224-441: Was the first Secretary of the Treasury. In addition to sponsoring a national bank, Hamilton's other measures included an assumption of the state war debts by the U.S. government, establishment of a mint and imposition of a federal excise tax. The goals of Hamilton's measures were to: In simpler words, Hamilton's four goals were to: The tendency of a national bank is to increase public and private credit. The former gives power to
1260-450: Was unconstitutional, and that it benefited merchants and investors at the expense of the majority of the population. Like most of the Southern members of Congress, Jefferson and Madison also opposed a second of the three proposals of Hamilton: establishing an official government Mint. They believed this centralization of power away from local banks was dangerous to a sound monetary system and
1296-520: Was when "the two bills changed houses, complications set in. In the Senate, Hamilton's supporters objected to the House's alteration of the plans for the excise tax." The establishment of the bank also raised early questions of constitutionality in the new government. Hamilton, then Secretary of the Treasury, argued that the bank was an effective means to utilize the authorized powers of the government implied under
#580419