THE First Bank of the United States building, a historic Philadelphia landmark built in the 1790s, will be transformed into a state-of-the-art interactive museum following a $22.2 million grant to Independence National Historical Park (INHP). Provided by the Great American Outdoors Act Legacy Restoration Fund, the grant will be matched with $4.5 million already raised by INHP’s philanthropic partner, Independence Historical Trust. The first step in this joint is to reopen the First Bank as a space for immersive exhibitions that engage the legacy of Alexander Hamiltonwho defended the bank, and the birth of the financial system of the United States.
The INHP and Independence Historical Trust aim to open First Bank by the 250th anniversary of the founding of the United States in 2026, leading an effort to raise an additional $6.6 million to help manufacture and install a variety dynamic exhibitions.
“The rehabilitation of the first bank will meet a long-standing objective for the INHP - it was acquired in 1956, with the creation of the park, but was closed to the public for many years,” said Amnesty Kochanowski, superintendent. of the INHP, said in a press release. “The historic building gives the park the opportunity to showcase aspects of the economy of the first republic and the role of the controversial bank.”
The bank was originally proposed by Hamilton in 1790, the second year of George Washington’s term as president, to function as the fledgling nation’s first fiscal agent. Harassed by Thomas Jefferson initially, Hamilton confronted his claims that the bank was not among the “enumerated powers” in the US Constitution by asserting its status under the “necessary and proper” clause of Article 1, eventually convincing Washington to sign the bank. bill in February 1791. The bank continued to support the national currency of the United States, open new branches, become the primary source of credit for citizens, and stabilize the economy during the financial panic of 1792. INHP looks forward to telling the story of the bank as the foundation of United States history.
“The world we live in is the product of a strong economy created by Hamilton,” said David Cowen, president and CEO of the Museum of American Finance in New York and co-author of Alexander Hamilton on Finance, Credit and Debt, said in a press release. “The First Bank was instrumental in unifying the national economy and was a stepping stone to an era of manufacturing.”
First Bank’s 20-year charter expired in 1811, allowing the building to be purchased by Philadelphia merchant Stephen Girard. The bank was acquired by the National Park Service in the 1950s with the creation of the INHP, but has been closed to the public for 50 years.
The National Park Service and Independence Historical Trust will work alongside John Milner Architects Inc., a firm specializing in historic preservation, to reimagine the First Bank building. Based in New York Local projects will spearhead the visitor experience and exhibits for the museum.
