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Alexander Hamilton Essay

1422 Words6 Pages

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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Hamilton Pros And Cons

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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Corruption Hidden Among The Transcontinental Railroads In The Gilded Age

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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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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 Research Paper Outline

1080 Words | 5 Pages

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

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1449 Words | 6 Pages

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1017 Words | 5 Pages

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961 Words | 4 Pages

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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The Ethical Dilemmas Of Alexander Hamilton

299 Words | 2 Pages

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791 Words | 4 Pages

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1072 Words | 5 Pages

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821 Words | 4 Pages

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