The institutional arrangements of the American System were initially formulated by first Secretary of the Treasury, Alexander Hamilton, who proposed the creatio

The institutional arrangements of the American System were initially formulated by first Secretary of the Treasury, Alexander Hamilton, who proposed the creation of a government-sponsored bank and increased tariffs to encourage industrial development https://en.m.wikipedia.org/wiki/First_Bank_of_the_United_States https://en.m.wikipedia.org/wiki/First_Bank_of_the_United_Sta... Jefferson did not change Hamilton's basic policies. As president in 1811 Madison let the bank charter expire, but the War of 1812 proved the need for a national bank and Madison reversed positions. The Second Bank of the United States was established in 1816, with a 20-year charter. https://en.m.wikipedia.org/wiki/Second_Bank_of_the_United_States https://en.m.wikipedia.org/wiki/Second_Bank_of_the_United_St...