- George Washington chose the talented Alexander Hamilton, who had served with him throughout the Revolutionary War, to take on the challenge of directing federal economic policy as the Secretary of Treasury. The first issue that Hamilton tackled as Washington's Secretary of Treasury concerned the problem of public credit. Governments at all levels had taken on so much debt during the Revolution. The commitment to pay them back was not taken very seriously. By the late 1780s, the value of such public securities had decreased to a small fraction of their face value. In other words, state IOU's — the money borrowed to finance the Revolution — was viewed as nearly worthless. Hamilton's vision for reshaping the American economy included a federal charter for a national financial institution. He proposed a Bank of the United States. Modeled along the lines of the Bank of England, a central bank would help make the new nation's economy dynamic through a more stable paper currency. The central bank faced significant opposition. Many feared it would fall under the influence of wealthy, urban northeasterners and speculators from overseas. In the end, with the support of George Washington, the bank was chartered with its first headquarters in Philadelphia. The third major area of Hamilton's economic plan aimed to make American manufacturers self-sufficient. The American economy had traditionally rested upon large-scale agricultural exports to pay for the import of British manufactured goods. Hamilton thought that this dependence on expensive foreign goods kept the American economy at a limited level, especially when compared to the rapid growth of early industrialization in Great Britain. Rather than accept this condition, Hamilton wanted the United States to adopt a mercantilist…
One main proponent of a strong federal government was Alexander Hamilton, who served under George Washington as secretary of treasury. In this position Hamilton made economic policies to give the federal government more economic power and leverage. One of Hamilton first acts as secretary of treasury was to allow the federal government assume and fund the state debt incurred during the revolutionary war (Report on the Public Credit). This meant that all debt owed by the states would be taken on by the federal government and paid back to share holders. Many political figureheads especially Thomas Jefferson saw this as unfair, because most of the shareholders of the debt were wealthy American, and foreigners who bought the loans from farmers and soldiers during the revolutionary war. Southern states also found it unfair that some states receive a free pass on their financial obligations. But Hamilton put up the argument that it was the original holder's decision to sell the bond, and it was only fair for the current shareholders to receive payments for their bonds. Hamilton's assumption Bill passed in congress in 1791 and with great success, making the United states the most financially secure country in the world, which in turn drew on a large amount of investors. Consequently Hamilton bill would help draw in devoted wealthy Americans onto the side of the federal Government, by making it worth their while financially to support the government.…
Hamilton's vision was the most appropriate for America in 1790 because of his argument about the ways of funding debts, the creation of the banks, and the protective tariff. For funding debts, he believed that national government should pay any debts such as foreign debts, state debts, etc. so that they can build up credit with new national government. In addition, he believed that if this properly worked, the nation's economy will be balanced and stable. When it becomes stable, that benefit could also increase the supply of money.…
Alexander Hamilton, an illuminist and agent of European bankers. In 1790 he favored the central banking. He wants to charter a privately owned company to have the sole responsibility of issuing currency in order to handle country financial situation. It would be used to deposit government funds and tax collection and to increase the money supply that needed for country’s growth.…
He got his first position in the Continental Army in March of 1776 and he quickly ascended in ranking. Alexander had a difficult time succumbing to others demands and turned down many of the promotions he received, but he finally caught the attention of General George Washington for his leadership, camaraderie, and his expertise as a writer. Washington promoted him to Lieutenant Colonel at only 20 years old.”Washington, as Commander of the Army, had important things to do and needed someone who could think for him and take care of matters without having to ask. Colonel Hamilton functioned so well as Washington's proxy that Washington trusted him with critical political assignments”(Pavao, Esther. "Alexander Hamilton." Alexander Hamilton.) Alexander still wanted to lead his own battalion, but was invariably turned down by Washington. In 1781 he finally got what he yearned for, he was given command of a battalion from Lafayette a French immigrant who helped obtain french assistance. The infantry he led fought in the Battle of Yorktown the turning part of the war, which led to the surrender of the…
Alexander Hamilton (1755–1804) dove into progressive activity not long after his landing in New York from the West Indies in 1773. He served in the Continental Army and afterward in the Confederation Congress. Perpetually discontent with the Articles of Confederation, he was an early advocate of established change. A firm promoter of an in number, even blue-blooded, brought together government, he took an interest in the Constitutional Convention, composed a large number of The Federalist papers that advanced the new constitution, and helped push through confirmation in New York. Washington compensated his keen, lively ex-confidant by delegating him the first Secretary of the United States Treasury.…
Alexander Hamilton became dominant figure in Washington's administration, and he exerted more influence on domestic and foreign policy than anyone during his term and after his resignation (1794)…
For example, as the first Secretary of Treasury, Hamilton was essentially the founder of the U.S. financial system, which he is most known for. He had exceptional ideas about international trade and how the economy should work that were very impressive for his time. Many of these, such as a national bank as well as payment through taxes and bonds ultimately led him to take the lead in funding the nation’s debt,…
With an electoral loss to his old friend and Federalist candidate, John Adams, contemporary laws made Jefferson the Vice President. His leadership of a very vocal opposition did not cease, however, despite threats posed by the Quasi-War of 1796 and subsequent reactionary policies enacted by the Federalists including the Alien & Sedition Acts. In the election of 1800, which Jefferson considered a peaceful revolution, the Democratic-Republican coalition of Thomas Jefferson and Aaron Burr received the majority of votes over Adams' bid for re-election but the two running mates had split the vote evenly in the electoral college, sending the decision to Congress. It was there that Alexander Hamilton, leader of the influential High Federalist faction, became kingmaker.…
Hamilton played a role in the constitutional convention. He wrote 51 out of 85 Federalist paper. His main problem was the national debt. Were he thought the government assume on the entire debt in the federal government and states. The speculators bought bond from the Revolutionary War veterans for 10 or 15 cents in dollars. He also debt a program that was remarkable to success. Hamilton economic vision was most closely predicted. By the way , Hamilton believed that the common people usually act foolishly. He believed the rich should be educated. Also the people that should be rule are the wellborn.Hamilton also wanted to raise the voting qualification higher. Hamilton established a national bank but wanted to maintain the internal taxes. He believed that the American could be a model on the British system. Hamilton will support the lost of…
After creating a Bill of Rights, the new United States congress turned its focus to the issue of financing the new government. Alexander Hamilton was hired to be the Treasury Secretary by president George Washington. Hamilton made it his duty to develop an economic structure for the United States that would ensure public confidence in the government’s financial affairs.…
He sought to use Britain’s economic model to create a nation that would one day be as influential as Britain. To do this, Hamilton would have to create a federal bank that would handle the economy and fund a strong government. He knew the United States would have secure currency that everyone trusted if the Bank of the United States was authorized. Hamilton believed that a bank was necessary for the advancement of the U.S. He said. “The powers contained in a constitution. . . ought to be construed liberally in advancement of the public good.” Jefferson had quite the opposite views on the Bank of the United States. He was against the idea of the bank because it would centralize powers in the big northern cities. Jefferson also feared that the banks would only benefit the rich. He did not believe that Congress had the power to create the Bank of the Unites States. Jefferson defended his beliefs by saying, “The second general phrase is to make all laws necessary and proper for carrying into execution the enumerated powers. But they can all be carried into execution without a bank. A bank therefore is not necessary, and consequently not authorized by this phrase”. Hamilton and Jefferson also…
Alexander Hamilton was brought in by Thomas Jefferson to lead the Treasury Department. Hamilton’s instant goal was to initiate our nation’s financial stability. Also, to revitalize economic development and bring the country’s most financial interest to government support. He believed that the aim of national greatness could happen if the government suffered from the same defects under the Articles of Confederation. Alexander Hamilton’s agenda had 5 parts to his financial plans.…
Alexander Hamilton is a believer of a loose interpretation of the Constitution. He believes that the Constitution is a living document capable to changes and adaption of new laws such as the addition of the Bill of Rights. Hamilton was a big believer in paying international war debt as soon as possible using any kind of mean necessary; therefore he proposed the idea of a National Bank to increase America’s economy. Being the country’s secretary of treasury Hamilton was focused on the improving the economy from commerce and manufacturing.…
On December 14, 1780 Hamilton married Elizabeth Schuyler, the daughter of General Phillip Schuyler, at Schuyler Mansion in Albany, New York. A year after Hamilton’s marriage, he quit aide-de-camp, served in the Continental Congress, and shared his opinions about the weakness of the national government (The Famous People, “Alexander Hamilton”). Hamilton decided to convince Congress they needed a strong central government and many people opposed his ideas of a strong central government because they were worried that the central government may have too much…