On the 13th of December Hamilton sent to the House of Representatives his second Report on Public Credit—­no longer a nomen of bitter sarcasm—­and the Report in favour of a National Bank.  Congress was once more on edge.  Since his first Great Report, it had considered and wrangled over his successive Reports on State Debits and Credits, West Point, Public Lands, Estimates, and Renewal of Certificates; and it had lived through the hot summer on the prospect of the excitement which the bold and creative Secretary would surely provide.  Even his enemies loved Hamilton in their way, for life was torpid when he rested on his labours.

The anti-Federalists, had they needed an additional incentive for the coming battle, a condition to rouse all their strength and mettle, found it in the rapidly increasing prosperity of the country, which had raised Hamilton to a height of popularity from which it would be an historic triumph to drag him down.  He was, indeed, almost at the zenith of a reputation which few men have achieved.  From end to end of the Union his name was on every lip, sometimes coupled with a hiss, but oftener with every expression of honour and admiration that the language could furnish.  Even in the South he had his followers, and in the North and East it was hardly worth a man’s nose to abuse him.  He was a magician, who could make the fortunes of any man quick enough to seize his opportunities, and the saviour of the national honour and fortunes.  His fame obscured that of Washington, and abroad he was by far the most interesting and significant figure in the young country.  No wonder the anti-Federalists trembled for the future, and with all the vigour of hardened muscles fought his scheme for allying the moneyed classes with the Government.

Hamilton made no secret of his design so closely to attach the wealthy men of the country to the central Government that they must stand or fall with it, coming to its rescue in every crisis; and time has vindicated his far-sighted policy.  But when the National Bank was in the preliminary stages of its journey, certain of its hosts in Congress saw but another horrid menace to the liberties of the people, another step toward the final establishment of a monarchy after the British pattern.  The old arguments of subservience to British institutions in the matter of funding, and other successful pets of the Secretary, were dragged forth and wrangled over, in connection with this new and doubly pernicious measure of a National Bank.

Hamilton recommended that a number of subscribers should be incorporated into a bank, to be known as the Bank of the United States; the capital to be ten million dollars; the number of shares twenty-five thousand; the par value of each share four hundred dollars; the Government to become a subscriber to the amount of two millions, and to require in return a loan of an equal sum, payable in ten yearly instalments of two hundred thousand dollars each.  The rest of the capital stock would be open to the public, to be paid for, one-quarter in gold and silver, and three-quarters in the six or three per cent certificates of the national debt.  The life of the bank was to end in 1811.  As an inducement for prompt subscriptions a pledge would be given that for twenty years to come Congress would incorporate no other.