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Alexander Hamilton Essay

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Alexander Hamilton’s innovative vision has remained relevant throughout the development of the United States’ financial system. The First Bank of the United States, championed by Hamilton, serves as the first model for the American financial system and banking structure. Remnants of Hamilton’s framework endure to this day. After nearly eight decades without a central bank, Congress revived Hamilton’s “notion of a centralized, quasi-governmental bank” in 1914, when the Federal Reserve System was created (Davies). Even so, Hamilton’s vision never fully disappeared. In the nineteenth century, bank lending “spurred business growth, planting the seeds for the nation’s flowering into an economic power after the Civil War” (Davies). Hamilton’s vision …show more content…

The innovation of railroads, in particular, “helped to create new economic methods and institutions that were essential in guiding and shaping the American drive to industrialism” (Chandler 1965, 5). Chandler describes the railroads’ important impact on the “the expansion of wheat and cattle production, the coming of new commercial routes, and the adoption of mass-production methods in the manufacture of iron and consumer durables” (Chandler 1965, 23). These impacts all aided in the Westward movement. As Chandler recounts, “The railroad brought as significant changes to America’s industries as it did to its agriculture and commerce” (Chandler 1965, 22). The railroad revolutionized the transport of supplies that were necessary to industrial growth. By making the travel process easier, the railroads “lowered the final cost of manufactured goods in a number of industries and so increased the demand for their products” (Chandler 1965, 22). The railroad not only affected the West, but also impacted the Northeast, an already successful area financially. Regardless, “this sudden growth of a new transportation system stimulated the swift settlement of the Old Northwest,” an area previously unfamiliar to the effects of financial success (Chandler 1965, 21). The railroad had a profound impact on the financial development of the West, as it opened up new routes and encouraged the settlement of an area new to the effects of

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856 Words | 4 Pages

Alexander Hamilton was present at the Constitutional Convention, where he had made claims, that ultimately failed, for a National Bank to be included in the Constitution. After the United States was born, Hamilton believed that the U.S. was headed towards an industrial and commercial society. Where the housing of its money should be by the federal government. Thus, the creation of a bank would be necessary to allow for Congress to borrow and lend money with other countries. An industrial nation would need outside funds to be successful.

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1052 Words | 5 Pages

One major industry during this time period was found in the railroad. The of course was also considered the center of national or both financial and political corruption (White, 21). While transcontinental railroads were essential developments for the growth of the United

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858 Words | 4 Pages

The Second Report by Hamilton was the proposal of the first bank of the United States of America. The bank was created to handle very important tasks such as: managing federal government's funds, debt, loan money, on the other hand, the bank was also in charge of managing the sales of shares to the people and businessmen. Hamilton emphasized that the bank should be a private corporation because he feared politicians would take advantage of the new system. Not only was this idea brilliantly well thought out and innovative on Hamilton's behave but it also helped keep his end of the bargain because all the wealth was moved to Pennsylvania. The bank of the United States of America was one of the most essential components of economic innovation that paved the way for economic growth and establish economic sustainability of “national economy and government spending”, (Prillaman, S. & Meier, K. 2014, p. 366) creating a balance between both means the government and the

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Transcontinental railroad. In C. L. Clark (Ed.), The American Economy: A Historical Encyclopedia (2nd ed.). Santa Barbara, CA: ABC-CLIO. Retrieved from http://ezproxy.apus.edu/login?url=http://search.credoreference.com/content/entry/abcamerecon/transcontinental_railroad/0?institutionId=8703 Railroads and Westward Expansion. (2011).

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1403 Words | 6 Pages

Gordon 's premise in Hamilton 's Blessing is that the national debt can be used positively in order to boost the economy of a country like the United States. In the book, Gordon uses economic history and theory to examine the start, rise and decline of the United States debt. The author opens his book by stating that this country was born in debt, and this debt has become so high that concerned individuals no longer think about it. Hamilton 's Blessing charts the history of the national debt since when the central bank of the United States was founded in 1971, up to modern days. The intellectual architect of this creation was Alexander Hamilton, the first Treasury Secretary as well as a central figure who had a deep impact on the economic

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876 Words | 4 Pages

He successfully argued for the assumption of state debts by the federal government and the establishment of the first national bank – a private, but partially government-owned institution. He firmly established the principles of financial trading. Due to his efforts, the creditworthiness of the United States was restored. Hamilton’s accomplishments as Treasury Secretary were not achieved without a struggle. His congressional opponents tried to exhaust him by demanding detailed reports on the workings of the treasury department with incredibly short delivery dates.

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Hamilton 's monetary course of action for the nation included working up a national bank like that in England to keep up open credit; cementing the states ' commitments under the focal government; and initiating guarded tolls and government enrichments to empower American makes. These measures fortified the administration 's vitality to the hindrance of the states. Jefferson and his political accomplices limited these progressions. Francophile Jefferson expected that the Bank of the United States addressed an inordinate measure of English effect, and he battled that the Constitution did not give Congress the capacity to set up a bank. He didn 't assume that propelling produces was as basic as supporting the authoritatively settled agrarian base.

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During this time period there were great technological advancements. One of these advancements was railroads. Railroads were a positive change because it helped transport people and goods across the country. Businesses depended greatly upon transportation in order to transport their goods. Despite the positives of railroads, there were negatives.

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So within an hour of the stock in the new bank being put up it was sold out on July 4, 1791. The bank caused a lot of good to come to the new young republic. Hamilton nurtured the hustling, bustling, aspiring spirit that he believed made Americans different from the others, he wanted to ensure that everyone had the opportunity to rise from poverty and have the same availability of success and would always have. The thriving new markets and new industries ensured the fate of the republic (Tindall and

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651 Words | 3 Pages

Alexander Hamilton’s economic plan to ensure America’s survival was successful overall, but the most important part of his plan was his proposition of a National Bank. The National Bank would increase the amount of spending by colonists by issuing loans to those who needed them, bringing more revenue to the country. Although, Hamilton’s idea to pay off foreign debt would also help the United States to have a better credit rating to other foreign nations, and would give us an opportunity to seem reliable should the U.S. ever need the help of another nation concerning finances. The National Bank would ensure that the United States finances were organized and set up so that the government could offer financial aid to the colonists when needed.

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478 Words | 2 Pages

Throughout American History, revolutions in transportation have affected the American society politically, socially and economically. Soon after the war of 1812, American nationalism increased which leads to a greater emphasis on national issues, the increase in power and prevalence of the national government and a growing sense of the American Identity. Railways, canals, and Turnpikes began to increase making many people employed. The era of 1830-1860 represents a shift from agrarianism to industrialism. Overall, during the transportation revolution, construction of turnpikes, roads, canals, and railroads led to the market economy expansion, an increased population in America and alternations of the physical landscape of America.

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299 Words | 2 Pages

Alexander Hamilton called for a Bank of the United States in his report on a National Bank, and he envisioned a central bank that would sustain a developing national economy. This type of bank would replace some of the gold and silver money in circulation. This allows growth in business activity without the need to rely on exports to increase money supply. Hamilton argued that a bank like this would strengthen the national government by lending money to it’s treasury.

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791 Words | 4 Pages

With the Civil war came many changes to America’s economy, specifically to her transportation and labor systems. While the United States’ transportation sector changed positively, the labor system did not, since the loss of slaves took its toll on the South’s economy. Overall, America’s economy changed so much from 1865 to 1880 that the effects can still be seen

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1072 Words | 5 Pages

Have you ever wondered how today’s economy would be if railroads did not exist. How would we get our goods across the country in an efficient way, how much work would be put in without a railroad to carry several goods at once to a destination. With the invention of rail lines across the country many items could be delivered in a much shorter time, also resulting in a much effective economy. Railways began developing in the seventeenth century in England to reduce friction from heavily loaded vehicles. The “gravity road” in North America was built in 1764 for use by the military at Niagara portage in Lewiston, New York.

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821 Words | 4 Pages

With the advent of the railroad, many of these issues disappeared. Railroads had a major impact on advancing the American economy, transforming America into a modern society, and improving an antiquated transportation system. The building of railroads created rapid economic growth in America. Railroad companies employed more than one million workers to build and maintain railroads. At the same time, coal, timber, and steel industries employed thousands of workers to provide the supplies necessary to build railroads (Chapter 12 Industrialization).

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