Bank of North America History Spotlight
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Bank of North America History Spotlight
January 7, 1782: A New Kind of Bank
On January 7, 1782, operations began at the Bank of North America. It is often described as the first chartered bank in the United States. A charter is official permission from a government to operate. In the years after the American Revolution, the new country needed ways to strengthen its finances and commerce. A bank could hold deposits, lend money, and help businesses make payments. Banks were not magic vaults where money simply stayed untouched: they helped money move through the economy. The Bank of North America was an early part of the financial system that developed in the United States.
- A bank’s official permission to operate
- A list of every customer
- A building plan for a bank
History Detective: Separate Fact from Inference
A fact is stated directly in the passage. An inference is a reasonable idea drawn from its details.
- Fact
- Inference
2 printable pages
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