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The Bank of the United States: A Historic Congressional Creation

Explore the establishment of the first and second national banks by Congress in 1791 and 1816, shaping financial history in the young United States. Learn about their legal capabilities and significance in early American finance.

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The Bank of the United States: A Historic Congressional Creation

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  1. 1 Stat. 191, 192 (Feb. 25, 1791)Sec. 3. [Congress creates the first national bank] as a corporation and body politic, by the name and style of The President and Directors and Company, of the Bank of the United States, . . . [a]nd by that name shall be, and are hereby are made able and capable in law . . . to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record, or any other place whatsoever. . . .

  2. 1 Stat. 191, 192 (Feb. 25, 1791)Sec. 3. [Congress creates the first national bank] as a corporation and body politic, by the name and style of The President and Directors and Company, of the Bank of the United States, . . . [a]nd by that name shall be, and are hereby are made able and capable in law . . . to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record, including without limitation the courts of the United States and the courts of general jurisdiction of any State, or any other place whatsoever. . . .

  3. 1 Stat. 191, 192 (Feb. 25, 1791)Sec. 3. [Congress creates the first national bank] as a corporation and body politic, by the name and style of The President and Directors and Company, of the Bank of the United States, . . . [a]nd by that name shall be, and are hereby are made able and capable in law . . . to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in courts of record, or any other place whatsoever. . . .3 Stat. 266, 269 (April 10, 1816)Sec. 7. [Congress creates the second national bank] as a corporation and body politic, by the name and style of “The president and directors and company, of the bank of the United States,” . . . [a]nd by that name shall be, and are hereby are made able and capable in law . . . to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all state courts having competent jurisdiction, and in any circuit court of the United States. . . .

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