Bank of North America - Definition and Overview

The Bank of North America was chartered in 1781 by the Continental Congress and opened on January 7, 1782 at the prodding of Finance Minister Robert Morris, and was rechartered in 1784. This was thus the first modern United States bank. It was succeeded by the First Bank of the United States. After Robert Morris became superintendent of finance in May 1781 continental currency had ceased. Morris persuaded congress to charter the bank of North America, the first private commercial bank in the United States. He Deposited large quantities of gold and silver coin and bills of exchange obtained through loans from Holland and France. He then issued new paper back currency back by this supply. He also managed to meet the interest rates on the debt which he estimated to be about thirty million dollars.