The Bank was a crucial part of Alexander Hamilton's plan for American economic development. Hamilton aimed to establish a solid economic foundation for America to compete globally. His strategy involved raising funds through an excise tax on whiskey, implementing a tariff system on imported manufactured goods, and establishing a national bank.

The Bank of the United States was intended to establish a sound monetary policy for the country. It was responsible for holding all government deposits and issuing banknotes to replace all outstanding federal debts, thereby providing the United States with a stable paper currency. The establishment of the Bank of the United States was narrowly approved, with sectional support playing a key role. Most representatives from the Northeast supported the plan, while the majority of Southern Representatives opposed it.

Although the bank was a private entity chartered by the government, its stock was in high demand when it went on sale. Nonetheless, the bank remained controversial, with many ordinary citizens viewing it as a tool for the wealthy to become even richer.