In the words of Hamilton, "American independence owes much to it." But after the war such were the local jealousies, the fears of oppression, and the dread of foreign influence, that, on the petition of the inhabitants of Philadelphia and some of the neighboring counties, the legislature of Pennsylvania repealed its charter on September 13, 1785.

The bank continued its operations, however, under the charter from Congress.

On March 17, 1787, the legislature of Pennsylvania renewed the charter for fourteen years and limited the capital to two millions of dollars.

The charter was extended for a similar term of fourteen years on March 26, 1799.

Thus in the beginning of the American banking system are found that distrust and jealousy of money power which seem inherent in democracies.