1791

The three main players behind the Bank Of North America were: Robert Morris; Alexander Hamilton; and the Bank's President, Thomas Willing. These men did not give up and Alexander Hamilton, now Secretary of the Treasury, a man who described Robert Morris as his, "mentor," managed to get a new privately owned central bank through the new Congress.This new bank was called the, "First Bank of the United States," and was exactly the same as the Bank of North America. Robert Morris controlled it, Thomas Willing was the Bank's President, only the name had changed.

This bank came into being after a year of intense debate and was given a 20 year charter. It was given a monopoly on printing United States currency even though 80% of it's stock was held by private investors. The other 20% was purchased by the United States government, but this was not to give it a piece if the action, but to provide the capital for the private investors to purchase the other 80%.

As with the Bank of England and the old Bank of North America, these private investors never paid the full agreed amount for their shares. What happened was through the fraudulent system of fractional reserve banking, the government's 20% stake which was $2,000,000 in cash, was used to make loans to its private investors to purchase the other 80% stake, £8,000,000, for this risk free investment.Again like the Bank of England and the old Bank of North America, the name, "First Bank of the United States," was deliberately chosen to hide from the common people the fact that it was privately owned. The names of the investors in this bank were never revealed, although it is now widely believed that the Rothschilds were behind it.

Interestingly in 1790 when Alexander Hamilton proposed this bank in Congress, Mayer Amschel Rothschild made the following statement from his bank in Frankfurt, Germany,

"Let me issue and control a nation's money and I care not who writes the laws."