Opening of the Bank of North America
- When
- 1781–1791
- Where
- Philadelphia, Pennsylvania; Bank of North America, Philadelphia
- Episodes
- 4
The Bank of North America, the first chartered bank in the United States, opened in Philadelphia on January 7, 1782, following a May 1781 plan by Superintendent of Finance Robert Morris that drew on Alexander Hamilton's recommendations. Thomas Willing served as its first president, and Benjamin Franklin bought a token share.
Episodes
- Willing's Presidency and Franklin's Token Share
Thomas Willing became the bank's first president, serving 1781–1791, while Benjamin Franklin bought a single token share in a gesture of good faith.
- Morris's Plan and Congressional Charter
Robert Morris presented a banking plan in May 1781, drawing on Hamilton's recommendations, and Congress chartered the bank on May 26, 1781.
- Opening in Philadelphia
The Bank of North America opened in Philadelphia on January 7, 1782, as the first chartered bank in the United States.
- Tax Payments and Post-Opening Controversy
By 1783 several states, including Massachusetts, allowed taxes to be paid in bank notes; postwar economic turmoil later prompted petitions to revoke the Pennsylvania charter.
Background and detail
Background. The bank's establishment rested on a plan presented by Superintendent of Finance Robert Morris on May 17, 1781, incorporating recommendations from Alexander Hamilton. Hamilton had also recommended Morris for the finance superintendency the previous summer, as the Articles of Confederation-era executive took shape. Morris then persuaded Congress to charter the institution, the first private commercial bank in the United States.
Charter and Opening. The Congress of the Confederation chartered the Bank of North America on May 26, 1781. It opened in Philadelphia, Pennsylvania, on January 7, 1782, confirming the legacy row's date. The bank was the first chartered bank in the United States and served as the country's first de facto central bank; Pennsylvania granted it a state charter in 1782.
Leadership and Early Reception. Thomas Willing, twice mayor of Philadelphia and formerly Robert Morris's partner in an import-export firm that once dominated the city's slave trade, became the bank's first president, serving from 1781 to 1791 before John Nixon succeeded him. Benjamin Franklin purchased a single token share as a sign of good faith to Federalists and their new bank.
People involved
- Robert Morris · Superintendent of Finance whose plan led to the bank's charter
- Alexander Hamilton · Founding Father whose recommendations shaped the bank's plan
- Thomas Willing · First president of the bank
- Benjamin Franklin · Purchaser of a token share
- John Nixon · Successor to Willing as bank president
Sources
- Bank of North America Wikipedia, revision of 2026-09-28
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.