The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto national bank. However, neither served the functions of a modern central bank: They did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort. They were national insofar as they were allowed to have branches in multiple states and lend money to the US government.
Bank of North America opens at Carpenter's Hall, Philadelphia
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United...
Historical Significance
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791.
Events Before
First US President George Washington delivers the first State of the Union address
The 1790 State of the Union Address was the inaugural State of the Union address, delivered by President George Washington to the United States Congress on January 8, 1790, at the Senate Chamber of…
Wolfgang Amadeus Mozart's opera "Cosi Fan Tutte" premieres at the Burgtheater in Vienna, Austria
Wolfgang Amadeus Mozart's opera "Cosi Fan Tutte" premieres at the Burgtheater in Vienna, Austria
King Gustav III leads Swedish naval forces to victory over the Russian Baltic fleet during the Second Battle of Svensksu
King Gustav III leads Swedish naval forces to victory over the Russian Baltic fleet during the Second Battle of Svensksund, destroying or capturing one-third of the Russian ships and ending the Russo-Swedish War
French Revolution: The Civil Constitution of the Clergy is adopted, putting the Catholic Church in France under the cont
French Revolution: The Civil Constitution of the Clergy is adopted, putting the Catholic Church in France under the control of the state
Danish Crown Prince Frederick (Later Frederick VI) marries his cousin Marie Sophie of Hesse-Kassel at Gottorp Castle
Danish Crown Prince Frederick (Later Frederick VI) marries his cousin Marie Sophie of Hesse-Kassel at Gottorp Castle
Events After
US postal service created, postage 6-12 cents depending on distance
US postal service created, postage 6-12 cents depending on distance
King Gustav III of Sweden is shot by Count Jacob Johan Anckarström at a masked ball at the opera and dies on March 29
Jacob Johan Anckarström (11 May 1762 – 27 April 1792) was a Swedish military officer who is known as the assassin of King Gustav III of Sweden. He was convicted and executed for regicide.
The Coinage Act is passed, establishing the United States Mint and authorizing the $10 Eagle, $5 Half-Eagle, $2.50 Quart
The Coinage Act is passed, establishing the United States Mint and authorizing the $10 Eagle, $5 Half-Eagle, $2.50 Quarter-Eagle gold coins, and the silver dollar, half dollar, quarter, dime, and half-dime
Brazilian revolutionary Tiradentes is hanged, drawn, and quartered in Rio de Janeiro
Brazilian revolutionary Tiradentes is hanged, drawn, and quartered in Rio de Janeiro
Guillotine first used in France, executes highwayman Nicolas Pelletier
Nicolas Jacques Pelletier (1756 – 25 April 1792) was a French highwayman who was the first person to be executed by guillotine.
More from the 1790s
Albany replaces New York City as the capital of New York
Albany ( AWL-bə-nee) is the capital city of the U.S. state of New York. It is also the county seat of, and the most populous city in, Albany County.
Russia appoints first Jewish censor to censor Hebrew books
Russia appoints first Jewish censor to censor Hebrew books
First US President George Washington delivers the first State of the Union address
The 1790 State of the Union Address was the inaugural State of the Union address, delivered by President George Washington to the United States Congress on January 8, 1790, at the Senate Chamber of…
French King Louis XVI sentenced to death by the National Convention during the French Revolution
Louis XVI was the last king of France before the fall of the monarchy during the French Revolution.
Frequently Asked Questions
- What happened on December 12, 1791?
- The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto national bank. However, neither served the functions of a modern central bank: They did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort.
- Why is Bank of North America opens at Carpenter's Hall, Philadelphia significant?
- The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791.