<P> After Hamilton left office in 1795, the new Secretary of the Treasury Oliver Wolcott, Jr. informed Congress that, due to the existing state of government finances, more money was needed . This could be achieved either by selling the government's shares of stock in the bank, or by raising taxes . Wolcott advised the first choice . Congress quickly agreed . Hamilton objected, believing that the dividends on that stock had been inviolably pledged for the support of the sinking fund to retire the debt . Hamilton tried to organize opposition to the measure, but was unsuccessful . </P> <P> In 1811, the U.S. Senate tied on a vote to renew the bank's charter . Vice President George Clinton broke the tie and voted against renewal . The bank's charter thus expired in 1811 . </P> <P> In 1816, the bank was succeeded by the Second Bank of the United States . </P> <P> After the charter for the First Bank of the United States expired in 1811, Stephen Girard purchased most of its stock as well as the building and its furnishings on South Third Street in Philadelphia and opened his own bank, later known as Girard Bank . Girard hired George Simpson, the cashier of the First Bank of the United States, as cashier of the new bank, and with seven other employees, opened for business on May 18, 1812 . He allowed the Trustees of the First Bank of the United States to use some offices and space in the vaults to continue the process of winding down the affairs of the closed bank at a very nominal rent . </P>

Creation of the bank of the united states