Report on a National Bank

What it is

This is a manuscript report written by Alexander Hamilton, then Secretary of the Treasury, submitted in December 1790. It proposed creating a national bank. The original document is held by the Library of Congress.

Why it matters

The report called for a central bank modeled on the Bank of England, jointly funded by government and private investors, to stabilize the young nation's finances. It sparked a major constitutional debate: James Madison and Thomas Jefferson argued Congress had no explicit power to create such a bank, while Hamilton's rebuttal introduced the idea of "implied powers." President Washington ultimately sided with Hamilton and signed the bill. This dispute helped shape the first American political parties.

Look closer

• What does the handwriting and the strikeouts tell you about how Hamilton revised his argument?
• Why might a report about money and banking cause such a fierce political fight?
• What does this document leave out about how ordinary Americans were affected by the bank?