![]() The First Bank issued paper currency, used to pay taxes and debts owed to the Federal Government. The Bank served as a depository for public funds and assisted the Government in its financial transactions. He introduced plans for the First Bank of the United States, established in 1791 which was designed to be the financial agent of the Treasury Department. Hamilton's attack on the debt helped secure the confidence and respect of foreign nations. was the price of liberty,'' he affirmed, and he then put into effect, during 17, a revenue system based on customs duties and excise taxes. ![]() ![]() ![]() Facing a chaotic treasury burdened by the heavy debt of the Revolutionary War, Hamilton's first interest when he took office was the repayment of the war debt in full.
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