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First National Bank

120 South 3rd Street, Philadelphia, PA 19106

 

Like the Second National Bank, the First National Bank now also is just a historic building which was closed under the leadership of President Andrew Jackson. Our founders knew the scriptures that taught not to squander wealth but rather to put it into the bank to gain interest (see Matthew 25:14-28). America’s founders had a great war debt that they had to pay, so they were constantly concerned with good fiscal policy. This concern is easily seen in Washington’s farewell address on September 19, 1776: “As a very important source of strength and security, cherish public credit. One method of preserving it is to use it as sparingly as possible: avoiding occasions of expense by cultivating peace, but remembering also that timely disbursements to prepare for danger frequently prevent much greater disbursements to repel it; avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of Peace to discharge the Debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear.” As Proverbs 13:11 says, “He who gathers money little by little makes it grow” (NIV).

Benjamin Franklin offers timeless advice in his Advice to a Young Tradesman: “In short, the way to wealth, if you desire it, is as plain as the way to market.  It depends chiefly on two words, industry and frugality; that is, waste neither time nor money, but make the best use of both. Without industry and frugality nothing will do, and with them every thing.  He that gets all he can honestly, and save all he gets, (necessary expenses excepted) will certainly become rich; if that Being who governs the world, to whom all should look for a blessing on their honest endeavors, doth not, in his wise providence, otherwise determine.” Simply put, “a penny saved is a penny earned.”