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American Revolution Podcast

ARP369 The First Bank of the United States

American Revolution Podcast

Michael Troy

Education, History

4.6938 Ratings

🗓️ 9 November 2025

⏱️ 33 minutes

🧾️ Download transcript

Summary

In a post-election third session of Congress, held in Philadelphia beginning in December 1790, Secretary of Treasury proposes a national bank. Opponents fear that it will give the federal government and wealthy speculators too much power. This episode's, blog entry, at ⁠blog.AmRevPodcast.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ includes a complete transcript, as well as more resources related to this week's episode. Book Recommendation of the Week:⁠⁠⁠⁠ The Hamilton Scheme: An Epic Tale of Money and Power in the American Founding, by William Hogeland. Online Recommendation of the Week: Hamilton's Opinion as to the Constitutionality of the Bank of the United States: 1791 https://avalon.law.yale.edu/18th_century/bank-ah.asp Join the podcast mail list: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://mailchi.mp/d3445a9cd244/american-revolution-podcast-by-michael-troy⁠⁠⁠⁠ ARP T-shirts and other merch: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://merch.amrevpodcast.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Ask your American Revolution Podcast questions on Quora:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://amrevpod.quora.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the Facebook group, American Revolution Podcast: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/groups/132651894048271⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Follow the podcast on X ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AmRevPodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Support this podcast on Patreon ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.patreon.com/AmRevPodcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ or via PayPal ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠http://paypal.me/AmRevPodcast⁠⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:39.4

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0:53.0

Hello, and thank you for joining the American Revolution. This week, episode 369, the first bank of the United States.

1:02.4

In our last regular episode, we covered some of the final events of the second session of the first Congress

1:08.0

and the midterm elections that were held mostly in the fall of

1:11.7

1790. Congress did return to a third session in December of 1790 after these elections,

1:19.0

which met back in Philadelphia. Before I get into the third session of Congress, I do want to

1:24.8

touch on one more event that happened back in the second session when we

1:28.8

were still back in New York. I talked before in earlier episodes that Congress had created a

1:33.6

tariff package and began raising revenue. The problem with import tariffs, as the leaders well knew

1:40.1

from the colonial era, was smuggling. It was pretty easy for merchant vessels to avoid tariffs

1:45.8

by simply offloading their goods away from the main ports and avoiding the customs officials.

1:52.8

To enforce tariffs on the recommendation of Secretary of Treasury Alexander Hamilton,

1:58.6

Congress authorized the creation of the Revenue Marine. Ten ships would be built

2:03.6

to control the coast and enforce federal tariffs. Two ships were made for New England, two for

2:09.1

New York, one for Delaware Bay, two for the Chesapeake, and two more for the Carolinas and Georgia.

...

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