Bank of United States

Bank of United States
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Introduction
The history of the Bank of United States is one that was conceived with a lot of good ideas in mind and that led to a lot of conflict among the business and political class. It is one of the banks that have shaped the nation’s history with a twist of social and political elements that ripple on to this day. The first Bank of United States closed down in 1811 having been in place since the year 1791 (U-s-history.com, 2015). The bank was suggested by Alexander Hamilton, citing that the country had suffered from the war and needed an economic powerhouse to steer away from economic collapse. After its renewal was voted out with the help of George Clinton, the second Bank of United States was later chartered in the year 1816, with the aim of recovering from the inflation (VOA, 2015).
The Bank of United States
Relative to the fact that it was a private entity the bank came under much pressure from the fact that it used it influence, to make economic choices. The bank had the mandate of collecting taxes, paying bills providing loans and moving money across the nation (VOA, 2015). It had been given a charter by the congress that allowed it to carry out business for 20 years, upon which it would either be renewed or nullified. The government owned shares at the tune of one fifth while the rest belonged to the stakeholders. Of concern was the amount of power that was given to the bank by the lawmakers. Of the $35 million dollars that formed the capital of the bank, most of the monies came from investors (VOA, 2015).
Over time the corporation became the richest in the world, owing to it influence. The bank also had the mandate to print money across the states. This aspect tied to the loans also gave the bank the exclusive rights to managing the economy. They controlled who borrowed money by either making it difficult or easy to do the same (Rivera, 1994). Relative to the fact that they were the only bank at the time al...