Hey Folks,
History question for you. I’ve tried to discover what the actual role of the FBotUS was from internet materials, but I still don’t quite understand what it was, and more importantly what set it apart from normal banks? Can someone list specifically the powers granted to the First Bank?
Excellent question because I don’t know for 100% sure myself. From what I understand, it regulated the supply of silver commercial banks were required to have and the silver was centralized within that system… someone should critique that though.
It was different from normal banks because it was like the Fed in that it was not run for its own profit or so I think… it was a legislated lender of last resort just like the Federal Reserve is.
It was the fiscal agent of the Federal Government; through it money was paid out, it stored the government’s money, its notes were accepted in payment to the Federal government
The notes of State banks were not accepted by the government, and moneys were not kept in them