<Li> Establish a national bank and create a common currency </Li> <P> Alexander Hamilton, December, 1790 report to George Washington </P> <P> 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 make the stock purchase using money lent to it by the bank; the loan to be paid back in ten equal annual installments . 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; the remaining balance could be paid in bonds, acceptable scrip, etc . </P> <P> Unlike the Bank of England, the primary function of the bank would be credit issued to government and private interests, for internal improvements and other economic development, per Hamilton's system of Public Credit . The business it 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 highly important but still secondary in nature . </P>

The us government owned the bank of the united states
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