Expiration of Charter
After Hamilton left office in 1795, the new Secretary of the Treasury Oliver Wolcott, Jr. informed Congress that, due to the existing state of government finances, more money was needed. This could be achieved either by selling the government's shares of stock in the Bank, or raising taxes. Wolcott advised the first choice. Congress quickly agreed. Hamilton objected, believing that the dividends on that stock had been inviolably pledged for the support of the sinking fund to retire the debt. Hamilton tried to organize opposition to the measure, but was unsuccessful. The bank's charter expired in 1811. It followed the Bank of North America and it was succeeded by the Second Bank of the United States.
Read more about this topic: First Bank Of The United States
Famous quotes containing the word charter:
“Farewell! thou art too dear for my possessing,
And like enough thou know’st thy estimate:
The charter of thy worth gives thee releasing;
My bonds in thee are all determinate.”
—William Shakespeare (1564–1616)