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George Washington's Secretary of the Treasury, Alexander Hamilton, believed that without a strong central government and a strong bank, the new nation would eventually fail. But although it seemed like a great idea Thomas Jefferson highly disagree with this idea believing that it would destroy the balance of power.... and with disregarding Thomas Jefferson's opinion the bank was chartered in February 25, 1791.
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On a vote of 65 to 64 by the House of Representative The First Bank of America Charter was not renewed.
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Senatore Henry Clay failed attempt of renewing the bank's charter
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The Second bank of america although lasted 4 years longer then its predecessor died off and became bankrupt
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It established the office of the Comptroller of the currency to issue natinoal bank notes. These bank were authorized to issue national bank noites
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The Federal Reserve Act created a system to stabilize the banking system.
