Question

What was the original status of the Bank of the United States, according to Alexander Hamilton?

a) Private financial institution
b) Government branch
c) State-owned bank
d) Joint venture with European banks

Answer 1

According to Alexander Hamilton, the original status of the Bank of the United States was a private financial institution. Hamilton proposed that the government charter the bank for a period of twenty years and capitalize it at $10 million. The bank would issue loans, circulate paper money, and serve as a repository of government revenue.

Step-by-step explanation:

According to Alexander Hamilton, the original status of the Bank of the United States was a) Private financial institution. Hamilton proposed that the government charter the bank for a period of twenty years and capitalize it at $10 million. The government would own 20 percent of the bank's stock, while the remaining 80 percent would be sold to private individuals. The bank would issue loans, circulate paper money, and serve as a repository of government revenue.