The President and Company, of the Bank of the United States 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 central bank. Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, to improve handling of the financial business of the United States government under the newly enacted Constitution; the First Bank building, located in Philadelphia, within Independence National Historical Park, was completed in 1797, is a National Historic Landmark for its historic and architectural significance. In 1791, the Bank of the United States was one of the three major financial innovations proposed and supported by Alexander Hamilton, first Secretary of the Treasury.
In addition to the national bank, the other measures were an assumption of the state war debts by the U. S. government, establishment of a mint and imposition of a federal excise tax. The goals of Hamilton's three measures were to: Establish financial order and precedence in and of the newly formed United States. Establish credit—both in a country and overseas—for the new nation. Resolve the issue of the fiat currency, issued by the Continental Congress prior to and during the American Revolutionary War—the "Continental". In simpler words, Hamilton's four goals were to: Have the Federal Government assume the Revolutionary War debts of the several states Pay off the war debts Raise money for the new government Establish a national bank and create a common currency According to the plan put before the first session of the First Congress in 1790, Hamilton proposed establishing the initial funding for the First Bank of the United States through the sale of $10 million in stock of which the United States government would purchase the first $2 million in shares.
Hamilton, foreseeing the objection that this could not be done since the U. S. government did not have $2 million, proposed that the government purchase the stock using money lent to it by the bank. The remaining $8 million of stock would be available to the public, both in the United States and overseas; the chief requirement of these non-government purchases was that one-quarter of the purchase price had to be paid in gold or silver. Unlike the Bank of England, the primary function of the bank would be a credit issued to government and private interests, for internal improvements and other economic development, per Hamilton's system of Public Credit; the business would be involved in on behalf of the federal government—a depository for collected taxes, making short-term loans to the government to cover real or potential temporary income gaps, serving as a holding site for both incoming and outgoing monies—was considered important but still secondary in nature. There were other, non-negotiable conditions for the establishment of the First Bank of the United States.
Among these were: That the bank would have a twenty-year charter running from 1791 to 1811, after which time it would be up to the Congress to approve or deny renewal of the bank and its charter. That the bank, to avoid any appearance of impropriety, would: be forbidden to buy a government bond. Have a mandatory rotation of directors. Neither issue incur debts beyond its actual capitalization; that foreigners, whether overseas or residing in the United States, would be allowed to be First Bank of the United States stockholders, but would not be allowed to vote. That the Secretary of the Treasury would be free to remove government deposits, inspect the books, require statements regarding the bank's condition as as once a week. To ensure that the government could meet both the current and future demands of its governmental accounts, an additional source of funding was required, "for interest payments on the assumed state debts would begin to fall due at the end of 1791...those payments would require $788,333 annually, and... an additional $38,291 was needed to cover deficiencies in the funds, appropriated for existing commitments."
To achieve this, Hamilton repeated a suggestion he had made nearly a year before—increase the duty on imported spirits, plus raise the excise tax on domestically distilled whiskey and other liquors. Local opposition to the tax led to the Whiskey Rebellion. Hamilton's bank proposal faced widespread resistance from opponents of increased federal power. Secretary of State Thomas Jefferson and James Madison led the opposition, which claimed that the bank was unconstitutional, that it benefited merchants and investors at the expense of the majority of the population. Like most of the Southern members of Congress and Madison opposed a second of the three proposals of Hamilton: establishing an official government Mint, they believed this centralization of power away from local banks was dangerous to a sound monetary system and was to the benefit of business interests in the commercial north, not southern agricultural interests, arguing that the right to own property would be infringed by these proposals.
Furthermore, they contended that the creation of such a bank violated the Constitution, which stated that Congress was to regulate weights and m
The World Trade Center Chittagong, is a 90.70 meters, 21-floor complex located in Agrabad Commercial Area, Bangladesh. The building was opened in 2016; this is the first World Trade Center in Bangladesh. Concord Group constructed this project. Concord Group implemented Top Down construction technology in this building; the Chittagong World Trade Center will have the following facilities: 5-star hotel International standard convention hall Conference center Exhibition hall World Trade Centre Club 3 basement car parking for 400 cars Media center Office block Block for financial institutions IT Zone Headquarters for the Chittagong Chamber of Commerce & Industry "Concord building World Trade Centre in Ctg using new method". The Daily Star. May 5, 2008. "One-stop service under one roof". The Independent. Dhaka. February 7, 2016. "Ctg World Trade Centre to help boost trade". Daily Sun. Dhaka. November 11, 2016. World Trade Center Chittagong at Chittagong Chamber of Commerce & Industry
Ben Scott Fritz is an American professional baseball coach and former pitcher. He is the bullpen coach for the San Diego Padres of Major League Baseball. Fritz attended Oak Grove High School in San Jose and Fresno State, where he played college baseball for the Bulldogs. Fritz was drafted by the Oakland Athletics in the 1st round with the 30th overall selection, of the 2002 MLB draft. Fritz played in the Oakland organization from 2002 through 2007, he underwent Tommy John surgery in 2004. Fritz was selected by the Detroit Tigers in the minor league phase of the 2007 Rule 5 draft. After spending 2008 with Detroit, he played his final two seasons with the Lancaster Barnstormers of the independent Atlantic League, he joined the San Diego Padres organization as a coach in 2015 for the AZL Padres. He served as the manager of the Tri-City Dust Devils in 2016 and 2017. Fritz served as rehabilitation coordinator for the Padres Arizona complex in 2018 and 2019. Fritz was named the Padres bullpen coach following the 2019 season.