TAILIEUCHUNG - THE FIRST BANK OF THE UNITED STATES - A CHAPTER IN THE HISTORY OF CENTRAL BANKING

The consultations were launched with separate brainstorming sessions with the GAD Board and with Gendernet in late February, soon after the Bank announced the Plan's preparation. These brainstorming sessions were followed internally with structured individual interviews with gender, sector and regional staff to define priorities, coverage and instruments for the Plan. A first "shell" of the Plan's framework and key components was discussed internally in the GAD Board and at an informal Gendernet meeting in March 2006. The first draft of the Plan was sent to the GAD Board for comments in late April and. | THE LIBRARY COMPANY OF PHILADELPHIA ACKNOWLEDGMENTS The Federal Reserve Bank of Philadelphia thanks John Van Horne director of The Library Company of Philadelphia and his staff particularly Nicole Joniec for their help in providing most of the images that appear in this publication. Thanks also to Independence National Historical Park and its staff particularly Karen Stevens Karie Diethorn and James Mueller for their assistance in making this publication possible. IIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIIIIIII1I11IIIIIIIIII1IIIIIIIIIIIIIIIIIIIỈII1IIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIII1IIIII11IIIIIIII1IIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1IIII .1 THE FIRST BANK OF THE UNITED STATES mi. . A Chapter in The War for Independence was over. The spirited though often tattered militia of the American colonies had defeated the army of one of the greatest nations in the world. Great leaders had emerged from the conflict George Washington John Adams and Thomas Jefferson to name just a But all was not well. The United States of America a name the new country had adopted under the Articles of Confederation 2 was beset with problems. In fact the 1780s saw widespread economic disruption. The war had disrupted commerce and left the young nation and many of its citizens heavily in debt. Furthermore the paper money issued by the Continental Congress to finance the war was essentially worthless because of the rampant inflation it had caused 3 and many people were bankrupt even destitute. Add to this the lack of a strong national government and it s easy to see how the fragile union forged in the fight for independence could easily disintegrate. 1 Brief biographies of the people mentioned in the text can be found in the Biographical Sketches. 2 Explanations of terms in bold italics can be found in the Glossary. 3 Because of this inflation the expression not worth a Continental became a popular way of saying that something was worthless. The Continental dollar was not .

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