The Bank of North America, and the Bank of the United States which followed it, were founded on the same principle.

Both were corporations of individuals intimately connected with the government, enjoying certain privileges accorded and being under certain restrictions, but otherwise independent of government control.
The Bank of North America, the first bank established in the United States, was also the first which had any direct relation to the government.

It was the conception of the comprehensive and original mind of Robert Morris, the financier or superintendent of the public finances of the United States.

Its purpose was not the convenience or profit of individuals, but to draw together the scattered financial resources of the country and found a public credit.

He submitted his plan to Congress, which adopted a resolution of approval May 26, 1781.