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The First Bank of the United States

Interesting clip on YouTube posted this week, which dramatises the moment Alexander Hamilton proposed the First Bank of the United States.

I particularly liked the line from Thomas Jefferson: "I fear our revolution will have been in vain if a Virginia farmer is to be held in hock to a New York stock jobber who, in turn, is in hock to a London banker.   The opportunities for avarice and corruption would certainly prove irresistable."

Sounds like it could have been made about 2008's events but is, instead, a clip from the Emmy Award winning HBO Series about John Adams, with actor Rufus Sewell playing the part of Mr. Hamilton.

This is a true story about the carnage caused by the War of Independence which left many States bankrupt.  The First Bank's charter was drafted in 1791 by Congress and signed by George Washington, but it was closed by Congress in 1811.

Based upon this dramatisation, maybe they should bring it back … oh, they already have.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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