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Founding Finance Hogeland Summary

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In the Common Era, students are taught about historical moments in early stages of the United States becoming what it is today. Some of the more notable historical moments included learning about the Triangle Trade, the Boston tea Party, and the American Revolution War. When students learned about all these memorable events in history, they are never going into the actual details on how the colonies survived and funded these events. Let alone funding, students realized the amount of desire and passion put forth by the founders to rise against Great Britain. Looking back in time, without in depth knowledge of this time period, going against a country as powerful as Great Britain was a suicide mission. In Founding Finance, William Hogeland does a complete historic analysis on how America’s rose to be the centerpiece country it is today. Hogeland makes the …show more content…

Hogeland explains that Hamilton was the brain and Morris was the financer. Founding Finance states, “Creditors wondered how the Congress, with no coffers of gold, could reliably back bills of exchange. Robert Morris showed them how. On behalf of the Congress, he made a deal with France for a large cash loan- about $2.5 million- dedicated not to supplying or paying troops but to paying American investors regular interest, in bills of exchange, on federal bonds. Well-backed, the bonds now sold quickly to a small group-largely partners, associates, clients, and friends of Robert Morris.” These two Founding Fathers were essentially the building blocks of the first legit finance system this country had. Morris shaped the country in another way that not a lot of American realized. When the Continental army needed money because their bonds were not being accepted, Morris lent his. This was known as “mr.morris money” because he solely funded it. He later established the first national bank and helped finance the military during the American

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After the new Federal Constitution went into effect, those supporting it split between Thomas Jefferson and Alexander Hamilton. The ones who chose Hamilton, supported his economic plan. Hamilton’s plan for the nation included consolidating the state's’ debts under the federal government. He issued a report in which he proposed that the Federal government assume and fund all of the debts. He would then pay it by issuing new bonds at an interest rate of 4% payable over 20 years.

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Founding Brothers In this book there are many interesting stories and lots to learn. Although the first chapter to really capture my interest would have to be Chapter 2, ‘The Dinner”. It discusses the dinner which Thomas Jefferson held to decide the issues of the early nation 's deficit and the location of its new capital. This event would later become known as the Compromise of 1790. During the summer of 1790, Hamilton said that his financial plan for the nation had reached a stalemate, because Southern politicians opposed the proposed assumption of state debt by the federal government.

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Alexander Hamilton is on the $10 bill because he was the second commander in war with George Washington as the first. George Washington had chose Hamilton to be the treasury secretary. The states were in debt so Hamilton had a good system to get then out of it. He also came up with the idea of the national bank.

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However, Hamilton, our first secretary of state, Thomas Jefferson usually never agreed with each other, but that didn’t stop Hamilton to create our first National Bank that was submitted on December 14, 1790. Unfortunately, not everybody liked Hamilton’s ideas because in 1804 Hamilton had died. (“Alexander Hamilton”). After Hamilton's death in 1804, Jonathan Dayton who was elected a seat in our first Congress, he still supported “Hamilton’s financial program” and was “pressed for suppression of the Whiskey Rebellion” (“Jonathan Dayton”). In the end, Hamilton showed leadership by creating our first National Bank, fought in our war like Odysseus fought for his men on his journey home from the Trojan, and wrote two-third of our new

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The topic of the night was the national debt crisis. Alexander Hamilton, a strong supporter of federal assumption, and James Madison, a loyal Virginian, were among the guests of this carefully calculated soiree. Personal motivations of wealth and power guided their conversations. Hamilton’s economic plan was devised to benefit the urban elite, who were, in his mind, the keystone of American economics. States like Virginia that had managed to pay off large amounts of their debt, now risked being charged more in new taxes under Hamilton’s plan.

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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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476 Words | 2 Pages

He especially favored the creation of a national bank. He also wanted the federal government to have the authority to collect taxes. Hamilton, along with John Jay and James Madison, wrote many of The Federalist Papers which were essays that explained why the the states should ratify, or accept, a new

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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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Wood makes it very clear that the Founding Fathers were not born into wealth. Most of these men are born in the middle or low class, do not have much money, and many of them are of the first to go to college in their families. The Founders are not handed their roles on a plate, they have to do all of the work themselves. These men are very ambitious, and try to serve the nation for the greater good, rather than self-interests. This is not as common with the people in government of today’s

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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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Alexander Hamilton, the first Secretary of Treasury of the United States, had a lot going for himself being a man that came from poverty to success, and he was a man “all powerful and fails at nothing which he attempts” admitted a congressman in 1791 (Tindall and Shi). Born in the Caribbean in the West Indies, abandoned by his father and orphaned at the age of 13 by his late mother who had died. Later moved to New York, became a lawyer and transitioned to nationalism thus giving him the important role of handling the weight of the debt America had accumulated $54 million deep after the Revolutionary War (Digital History). Hamilton saw the need for some financial credit to be given to America and he had the right idea by proposing a National Bank to his first president George Washington. Word dispersed of that proposal leading a

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800 Words | 4 Pages

In this paper I will be discussing why I believe Alexander Hamilton to be an economic genius. Who is Alexander Hamilton?

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569 Words | 3 Pages

The Whigs, that where like the federalists that where years before them, viewed the national bank as both necessary and constitutional. As the jacksonians were evolving democracy of U.S. . . There’s no coincidence that Andrew Jackson’s election will giving voting rights to non-property owning men. And to change the United States economy. The vision of Hamilton of 1790s of industry –based economy system seemed to be coming to life.

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650 Words | 3 Pages

Karl Marx was a German philosopher, journalist, economist, and a revolutionary sociologist who had many radical ideas that leaders of state governments found as a threat, but revolutionists found inspirational. He was born into a wealthy middle class family who came from a long line of Rabbis in 1818 in Trier, Prussia. He was one of the first social scientists to focus mainly on social classes, and came up with the belief that capitalism created prosperity for few and poverty for many. Which meant one social class dictated one social life, where wealthy families lived in leisure and abundance, while the non wealthy lived in poverty and hardship. Marx studied capitalism sufficiently and most of his writings focused on problems with capitalism

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The American Revolution (1700-1790) was a historical event in time, where the Thirteen Colonies that became the United States of America, gained independence from the British Empire. Many historians would agree that the Revolution was caused by events and the growing differences between the colonists and England. The cause of the American Revolution could be summarized in the saying ‘liberty vs. tyranny’. The American Revolution was a struggle by liberty-loving Americans to free themselves from a dictatorial British rule. In this period, the Colonies protested against the British Empire and entered into the American Revolutionary War, also known as the American War of Independence.

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