called into existence. It had its origin in
1780, when certain patriotic citizens of Philadelphia resolved to
"open a security subscription of three hundred thousand pounds _in
real money_," the object being to procure supplies for the army,
"then on the point of mutiny for lack of the common necessaries of
life." The enterprising men who had the matter in hand addressed
themselves to the task of providing three million rations and three
hundred hogsheads of rum for the famished troops. The Continental
Congress recognized their patriotic conduct and pledged "the faith
of the government for the effectual reimbursement of the amount
advanced." It fell to Robert Morris, Superintendent of Finance
for the government, to organize the bank which owed its origin to
these circumstances. While engaged in this arduous task he received
two letters of advice from an anonymous source, ably written, and
displaying considerable knowledge of the science of banking, then
almost unknown in America. Indeed the methods of banking--it might
be proper to say its secrets--were jealously guarded by the
capitalists who monopolized it in the financial centres of Europe.
Mr. Morris was struck by the ability and originality of his unknown
correspondent, and was amazed to find that Alexander Hamilton, then
but twenty-three years of age, was the author of the letters. It
was the first exhibition of that mastery of finance which gave Mr.
Hamilton his enduring fame.

When Mr. Hamilton assumed control of the Treasury Department under
the Presidency of Washington he found that the Bank of North America
had accepted a State charter from Pennsylvania and was not therefore
in a position to fulfil the functions of a National bank which he
desired to establish as an aid to the financial operations of the
government. After his funding of the Revolutionary debt he applied
to Congress for the charter of a National bank, with a capital of
$10,000,000, twenty-five per cent. of which must be paid in coin
and the remainder in the bonds of the United States. The government
was to own $2,000,000 of the stock of the bank and was obviously
to become its largest borrower. The measure encountered the
determined opposition of the Secretary of State, Jefferson, and
the Attorney-General, Edmund Randolph, and it finally became an
almost distinctly sectional issue--the Northern members of Congress
with few exceptions sustaining it; the Southern members under the
le