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In 1790, the national bank Hamilton established: national currency

By the time national currency was established, it mandated people who live in the country to only acknowledged the national currency as the standard medium of exchange for every transaction. This was a part of the agreement that was made on the  Constitutional Convention on September 17, 1787.

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The national bank hamilton established national currency in 1790

Further explanation

The First Bank of the United States, was a national bank or The national bank hamilton chartered for a term of twenty years by the United States Congress on February 25, 1791.  The national bank hamilton named from Alexander Hamilton. He was an American statesman and one of the Founding Fathers of the United States. He was an influential interpreter and promoter of the U.S. Constitution, also the founder of the nation's financial system

The goals of Hamilton's three measures were to:

  • Establish financial order, clarity, and precedence in and of the newly formed United States.
  • Establish credit for the new nation.
  • Resolve the issue of the fiat currency, issued by the Continental Congress

On December 15, 1790, Hamilton submitted a report to Congress making the case. He proposed a Bank of the United States with a $10 million capital, then five times more than all other American banks combined, and the ability to issue paper money and it would be based in Philadelphia and chartered for 20 years.

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Answer details

Grade:  9

Subject:  history

Chapter:   The United States history

Keywords:  the national bank hamilton

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