The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia, Pennsylvania, on January 7, 1782. The bank's founding was based on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, including recommendations by Revolutionary-era Founding Father Alexander Hamilton, who was later appointed the first U.S. Secretary of the Treasury by George Washington. Although Hamilton later noted the bank's "essential" contribution to the American Revolutionary War, the Pennsylvania government objected to its privileges and reincorporated it under state law, making it unsuitable as a national bank under the U.S.
Bank of North America, 1st US bank opens
The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank.
Historical Significance
The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank.
Events Before
Pennsylvania becomes first US state to abolish slavery (for newborns only)
Pennsylvania becomes first US state to abolish slavery (for newborns only)
The Great Hurricane of 1780 hits Barbados and goes on to kill 20,000 to 30,000 people in the Caribbean, making it the de
The Great Hurricane of 1780 hits Barbados and goes on to kill 20,000 to 30,000 people in the Caribbean, making it the deadliest recorded hurricane in the Atlantic
US founding father Alexander Hamilton (25) weds Elizabeth Schuyler (23) at Schuyler Mansion in Albany, New York
US founding father Alexander Hamilton (25) weds Elizabeth Schuyler (23) at Schuyler Mansion in Albany, New York
Danish national anthem "Kong Kristian stod ved højen mast" first performed during a play at the Royal Danish Theatre in
Danish national anthem "Kong Kristian stod ved højen mast" first performed during a play at the Royal Danish Theatre in Copenhagen
Snowstorm hits George Washington's army at Morristown, New Jersey
Snowstorm hits George Washington's army at Morristown, New Jersey
Events After
Wolfgang Amadeus Mozart's opera "Die Entführung aus dem Serail (The Abduction from the Seraglio)" premieres in Vienna wi
Wolfgang Amadeus Mozart's opera "Die Entführung aus dem Serail (The Abduction from the Seraglio)" premieres in Vienna with Mozart conducting
Musician Wolfang Amadeus Mozart (26) weds Constanze Weber in St. Stephen's Cathedral in Vienna, Austria
Musician Wolfang Amadeus Mozart (26) weds Constanze Weber in St. Stephen's Cathedral in Vienna, Austria
Commander of the Continental Army, George Washington, creates two Honorary Badges of Distinction and a Badge of Military
Commander of the Continental Army, George Washington, creates two Honorary Badges of Distinction and a Badge of Military Merit (now the Purple Heart). First time military awards are presented to common soldiers.
Romantic Age poet and artist William Blake (24) marries Catherine Boucher (19) in St. Mary's Church, Battersea, London
Romantic Age poet and artist William Blake (24) marries Catherine Boucher (19) in St. Mary's Church, Battersea, London
The Grand Assault on Gibraltar by the allied French and Spanish fleets, including ten floating batteries and land forces
The Grand Assault on Gibraltar by the allied French and Spanish fleets, including ten floating batteries and land forces, is heavily defeated by the British garrison, with all floating batteries destroyed and allied casualties of 1,473 compared to only 83 for the British
More from the 1780s
John Walter publishes the first issue of his newspaper "The Daily Universal Register," which is renamed "The Times" of L
John Walter publishes the first issue of his newspaper "The Daily Universal Register," which is renamed "The Times" of London in 1788
Emperor Joseph II's order for the Jews of Galicia, Austria, to adopt family names comes into effect
Emperor Joseph II's order for the Jews of Galicia, Austria, to adopt family names comes into effect
Future US Chief Justice of the Supreme Court John Marshall (27) weds Mary Willis Ambler (16) at his cousin's home in Han
Future US Chief Justice of the Supreme Court John Marshall (27) weds Mary Willis Ambler (16) at his cousin's home in Hanover County, Virginia, until her death in 1831
British naval expedition led by Benedict Arnold burns Richmond, Virginia
The military career of Benedict Arnold in 1781 consisted of service in the British Army.
Frequently Asked Questions
- What happened on December 31, 1781?
- The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia, Pennsylvania, on January 7, 1782. The bank's founding was based on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, including recommendations by Revolutionary-era Founding Father Alexander Hamilton, who was later appointed the first U.S.
- Why is Bank of North America, 1st US bank opens significant?
- The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank.