Welcome! In this series I will periodically post about a Philadelphia area landmark that I visit, offering both historical and Architectural information.
First Bank of the United States
120 South 3rd Street, Philadelphia
Background:
The first bank of the United States was proposed by Alexander Hamilton in 1790 to help pay off the war debt from the Revolutionary War. It was opposed by Thomas Jefferson and James Madison because they believed congress had no authority to charter a private national bank.
In the end, Congress and George Washington gave the bank a 20 year charter from 1791 – 1811. It was in charge of collecting federal taxes which could only be paid in the bank currency. The credit bubble it created in 1791 led to the economic depression or “Panic of 1792.” As a result, Congress let the Charter expire in 1811.
Philadelphia banker Stephen Girard then purchased the building in 1812 and it remained it “Girard Bank” until it closed in 1926. The building remained empty until 1955 when the National Park Service purchased the building to house administrative offices.
Architecture:
The building was commissioned by congress for approximately $110,000 in 1791.
Samuel Blodgett Jr., a wealthy shipping merchant in the East India Trading Company, is credited with designing the building. However, it is more likely that Christopher Myers, an Irish Immigrant who had apprenticed in Architecture with his father and Sir William Chambers, designed the building.
Construction began in 1795 and was completed in 1797. It is a neo-classical building (a symmetrical style that focuses on simplicity, geometric forms, and dramatic columns) in the Corinthian order. The frieze and pediment decorations were carved by Clodius Legrand. The oak branch (strength and independence); cornucopia (prosperity); eagle (freedom) are the most noticeable ornaments.
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