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The bank, granted a twenty year charter by the United States Congress on February 25, 1791, was conceived of by Secretary of the Treasury Alexander Hamilton as a means of consolidating state debt and creating a standard form of currency for the new nation. Although supported by northern merchants, it was heavily opposed by southern states, whose chief industry, agriculture, didn't require centrally concentrated banks. In 1811, Congress voted to abandon the bank and its charter, to be succeeded five years later by the Second Bank of the United States.
Until the building was completed, the bank was housed in Carpenters' Hall from 1791 to 1795. The neo-classical design was intended to recall the democracy and splendor of ancient Greece. The two-story portico, fronted by leafy Corinthian capitals, is surmounting by a pediment, executed in 1797 by Clodius F. Legrand and Sons, featuring a cornucopia, oak branch, and American eagle are carved from mahogany. It is the oldest bank building and the oldest building with a classical facade in the country.
Stephen Girard, a French immigrant who found success in Philadelphia as merchant and ship owned, bought the building for his private bank in 1812. After his death, it was occupied by Girard National Bank from 1832 until 1926. The building was restored for the American bicentennial in 1976. On August 7, 2007, the Civil War and Underground Railroad Museum of Philadelphia announced that it would relocate to the building by 2010.
Independence National Historical Park preserves several sites associated with the American Revolution. Administered by the National Park Service, the 45-acre park was authorized in 1948, and established on July 4, 1956. |
