The making of the American nation; a history for elementary schools . d Jefferson as to its constitutionality. Hamilton said that theBank measure was constitutional, while Jefferson maintainedthat it was unconstitutional; Washington accepted Hamiltonsview. The Bank of the United States was accordingly chartered in1791 for twenty years, and was shortly afterward established atPhiladelphia. During its existence of twenty years it handlednearly all the government money, and was of great assistance tothe Treasury Department. The United States Mint. — Up to the time of the War of theRevolution, Eng
The making of the American nation; a history for elementary schools . d Jefferson as to its constitutionality. Hamilton said that theBank measure was constitutional, while Jefferson maintainedthat it was unconstitutional; Washington accepted Hamiltonsview. The Bank of the United States was accordingly chartered in1791 for twenty years, and was shortly afterward established atPhiladelphia. During its existence of twenty years it handlednearly all the government money, and was of great assistance tothe Treasury Department. The United States Mint. — Up to the time of the War of theRevolution, English coins mainly were used in business transac-tions. Spanish and Dutch coins were common, and the Spanish milled dollar ^ for a time was standard money. During thewar, and for some time afterward, almost anything in the way of 1 Maryland, in 1788, and Virginia, in 1789, ceded land to a total area of onehundred square miles to make the District of Columbia. 2 So named from the raised rim, or edge, which prevented defacement. STARTING THE WHEELS OF GOVERNMENT 195. A Silver Penny TheFederalists a coin would pass. A great deal of scrip, or paper money, wasalso issued by the various states, and much of it was never Constitution forbade the states to coin money, and so itbecame necessary to take steps for a national coinage. The Con-gress therefore provided (1792) a mint atPhiladelphia, to which any one might takegold or silver and have it refined andmade into coins free of charge. It wasalso provided that the value of gold shouldbe, weight for weight, just fifteen timesthat of silver; that is, the ratio was fifteento one.^ The First Political Parties. — The pas-sage of the National Bank Act drew clearlythe lines between two political parties thathad already been existing for some time. The followers of Hamil-ton were known as Federalists. They desired that theFederal government should have strong authority, andtherefore that the powers granted it in the C
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