The Bank of the United StatesA national bank is an essential part of this nation's economy! It can further strengthen ties between wealthy Americans and the federal government.1 It stabilized this nation's economy, united the country, and improved trade between the colonies. As you already know, Alexander Hamilton became the first Secretary of the Treasury in 1789. On December 14, 1790, he formally proposed his plan for the Bank of the United States. The federal government would own 1/5 of the bank's shares. Additionally, the bank would offer a national paper currency. Although Republicans disliked the idea of ​​a national bank, it was established in 1791. First, this nation's debts must be repaid. The greatest debt is that of the revolutionary war. Then, in addition to the war debt, there are the debts of each of the colonies, which range from very large amounts to almost nothing. The best way to repay them in a timely manner is with a national bank that settles the payments. Before the Bank of the United States, each colony had its own different form of currency. This made trade between the colonies difficult. The bank changed this: now every colony uses the same form of currency. This greatly facilitated trade between the colonies and thus improved the economy. In addition to improving trade and the economy, the bank united the colonies. Before, when each had a different form of currency, the colonies seemed more like small neighboring countries than part of a large country. The bank's stock options are also a great asset. The government could make a huge profit on its share of the bank at any time if it decided to sell it. There are also investors, both abroad and here in this country, who may view the bank's stock as a good investment. Even Thomas Jefferson, one of the bank's opponents, considered these shares a good investment and suggested the bank's shares to one of his friends in France. In addition to the points I have already made about the Bank of the United States, there is also the fact that it provides a safe place to store public funds. It also provides a comfortable environment in which business transactions can take place.