On September 13, 1789, the fledgling United States government took a bold financial step, securing its first loan just months after the ratification of the Constitution. The $191,608 loan, issued by the Bank of New York and the Bank of North America, marked a critical moment in the nation’s economic development. Facing significant war debts from the American Revolution and the urgent need to establish financial credibility, the new federal government, under the leadership of Treasury Secretary Alexander Hamilton, embraced this loan to stabilize the economy and foster trust with both domestic and international creditors. This pivotal decision laid the groundwork for the country’s modern financial system, demonstrating the importance of a strong centralized fiscal policy in ensuring long-term growth and stability.
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