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date: 27 October 2021

Banking and Finance. 

Source:
The Oxford Companion to United States History
Author(s):
Howard BodenhornHoward Bodenhorn

Encouraged by Alexander Hamilton, Robert Morris persuaded the Continental Congress to charter the Bank of North America in 1781. It lent money to the cash-strapped Revolutionary government as well as to private citizens and served as a model for later commercial banks. Like the Bank of North America, most early banks lent money conservatively. Most such banks, which were chartered by the states to serve the public interest, were also partly state-owned.... ...

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