His purpose was realized in the chartering, in 1791, of the First Bank of the United States, for a period of twenty years.

The capital for this institution was in small part subscribed by the government, but mostly by private capitalists.

The management of the bank was left almost entirely in private hands.

The central bank established branches in many parts of the country, issued bank notes which circulated everywhere without depreciation, acted as the governmental depository of funds and as governmental agency in various ways.

It seems to have been successful and useful as a banking institution until the expiration of its charter in 1811, but it was touched by the contemporary controversies over state rights and was from the first opposed by those who feared the growth of a strong central government.
This opposition prevented the extension of its charter.
In 1816, however, after only a moderate discussion, the Second Bank of the United States was chartered for a period of twenty years.