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- to hold the money that the government collected in taxes
- to help the government carry out its powers to tax, borrow money in the public interest, and regulate interstate and foreign commerce
- to issue representative money in the form of bank notes, which were backed by gold and silver
- to ensure that state-chartered banks held sufficient gold and silver to exchange for bank notes should the demand arise.
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Earn +20 ptsQ: What was the first us bank for?
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Continue Learning about U.S. History
Who create a US bank?
Well, Hamilton and Washington created the first National Bank of the US.
In which year was the first bank of the US chartered?
The First Bank was a bank chartered by the United States Congress on February 25, 1791.
Where was the first bank of the US establish?
Philadelphia
Where was the First Bank of the US established?
Philadelphia
First Bank of the US chartered?
The Bank of the United States opened for business in Philadelphia on December 12, 1791, with a 20-year charter. It is now commonly referred to as the First Bank.
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