As part of a general scheme to support public credit in 1791, Alexander Hamilton prevailed upon Congress to institute the first Bank of the United States. His main arguments in support of the institution were:

1. The demonstrated success and usefulness of national banks in the chief European countries.

2. The more effective utilization of capital by concentrating the savings of the community for business uses.

3. The possible services of such a bank to the government in advancing loans and facilitating the payment of taxes.