During the American Revolution, Robert Morris, appointed financial superintendent, founded the Bank of North America in 1781, modeled after the Bank of England. Using gold loaned by France, Morris funded the bank’s capital through loans to himself and associates. Practicing fractional reserve banking, the bank held a monopoly over the national currency, yet the currency’s value declined, leading to the bank’s charter not being renewed in 1785. Critics, like William Findley, condemned the bank’s greed and monopolistic ambitions. Despite this, in 1791, Morris and Alexander Hamilton established the First Bank of the United States with Thomas Willing as president.

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