1791 to 1811-The First Bank of United States The First Bank of United States was proposed in the very first meeting of the first congress. Alexander Hamilton, one of the forefathers, believed that a central bank would be indispensible to facilitate the swift transfer of money across states as well as to provide credit to the state governments . However, the idea faced multiple obstacles from other leaders such as Jefferson. Despite Jefferson’s vehement opposition, the First Bank of United States came into existence in 1791 just 15 years after America gained independence. Jefferson’s opposition was not the only obstacle faced by this bank. The conditions were not rife for banking at that time. There were over 50 different types of French, Spanish, Portuguese and American currencies in circulation at that time. Also, the banks charter was valid only for a limited period of twenty years post which it was supposed to be renewed. The first bank kept expanding its operations during the te