Establishment of the Bank of the United States was part of a three-part expansion of federal fiscal and monetary power, along with a federal mint and excise taxes, championed by Alexander Hamilton, first Secretary of the Treasury. Hamilton believed a national bank was necessary to stabilize and improve the nation's credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.
In 1791, the Bank of the United States was one of the three major financial innovations proposed and supported by Alexander Hamilton, first Secretary of the Treasury. In addition to the national bank, the other measures were an assumption of the state war debts by the U.S. government, establishment of a mint and imposition of a federal excise tax. The goals of Hamilton's three measures were to:
Establish financial order, clarity, and precedence in and of the newly formed United States.
Establish credit—both in a country and overseas—for the new nation.
Establish a national bank and create a common currency
The tendency of a national bank is to increase public and private credit. The former gives power to the state for the protection of its rights and interests, and the latter facilitates and extends the operations of commerce amongst individuals.
— Alexander Hamilton, December, 1790 report to George Washington