The First Bank of the United States<span> had been established by Congress at the urging of </span>Alexander Hamilton<span> in 1791. Despite its generally successful operation it was defeated in a renewal attempt in 1811, on account of political considerations. The </span>War of 1812<span>, however, demonstrated the need for a national bank and plans were formulated in 1814 by James J. Dallas, secretary of the treasury. Dallas' suggestions were watered down until in the end, the proposal was viewed as too weak and was rejected. President </span>James Monroe<span> then sought a stronger proposal, and </span>Dallas provided<span> one to </span>John C. Calhoun<span>, chairman of the House committee on the currency. He noted:</span>
