Should the Bank of the United States be reinstated, and why or why not?

Asking is the same to do away with fractional reserve banking. One immense problem with the fractional reserve banking is that is all the money that the US government has loaned from the Feds is given back, there isn't money in the money supply to pay for the interest.

Secondly, the bank would be forced not to issue more money (or debt) beyond its capitalization, which again would pose a problem.

The long and short of it is, we're in a debt trap, that is now too deep to climb out of. Every knowledgable banker and economist knows of this.