Page "First Bank of the United States" Paragraph 7
from
Wikipedia
According to the plan put before the first session of the First Congress, Hamilton proposed establishing the initial funding for the Bank of the United States through the sale of $ 10 million in stock of which the United States government would purchase the first $ 2 million in shares.
Hamilton, foreseeing the objection that this could not be done since the U. S. government didn't have $ 2 million, proposed that the government make the stock purchase using money lent to it by the Bank ; the loan to be paid back in ten equal annual installments.
The remaining $ 8 million of stock would be available to the public, both in the United States and overseas.
The chief requirement of these non-government purchases was that one-quarter of the purchase price had to be paid in gold or silver ; the remaining balance could be paid in bonds, acceptable scrip, etc.
Page 1 of 1.
2.339 seconds.