Editing First Bank of the United States (section)

===Presidential approval===
George Washington initially declared that he was hesitant to sign the "bank bill" into law. Washington asked for the written advice and supporting reasons from all his cabinet members—most particularly from Hamilton. Attorney General [[Edmund Randolph]] from Virginia felt that the bill was unconstitutional. Jefferson, also from Virginia, agreed that Hamilton's proposal was against both the spirit and letter of the Constitution. Hamilton, who, unlike his fellow cabinet members, came from New York, quickly responded to those who claimed incorporation of the bank unconstitutional. While Hamilton's rebuttals were many and varied, chief among them were these two:
* What the government could do for a person (incorporate), it could not refuse to do for an "artificial person", a business. And the First Bank of the United States is privately owned and not a government agency, was a business. "Thus...unquestionably incident to sovereign power to erect corporations to ''that'' of the United States, in ''relation to the objects'' entrusted to the management of the government."
* Any government by its very nature was sovereign "and includes by ''force'' of the ''term'' a right to attainment of the ''ends...which are not precluded by restrictions & exceptions specified in the constitution...''<ref>Washington to Hamilton, February 16, 1791, in Syrett, ed. ''Papers'' 8:98</ref>

On February 25, 1791, convinced that the constitution authorized the measure,<ref name=" MarshGW"/> Washington signed the "bank bill" into law.

On March 19, 1791 Washington appointed three Commissioners for the taking of subscriptions for this new bank: [[Thomas Willing]], [[David Rittenhouse]], and [[Samuel Howell]].<ref>{{cite book |last=Hamilton |first=Alexander |title=Papers of Alexander Hamilton. Vol VIII 1781 – July 1791 |year=1961 |publisher=Columbia University Press |location=New York |page=211}}</ref>

Willing was later elected as President on October 25, 1791, until he resigned due to ill health on November 10, 1807. The bank's Philadelphia branch opened its doors on December 12, 1791.<ref>{{Cite book |last=Carruth |first=Gorton |url=https://books.google.com/books?id=3pURAQAAMAAJ |title=Encyclopedia of American Facts and Dates |publisher=HarperCollins |year=1993 |isbn=0062700456 |edition=9 |pages=111}}</ref> Willing was succeeded by David Lenox, serving until the expiration of its charter on March 4, 1811.