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How Did Hamilton Contribute To The Economy

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Hamilton, one of the founding fathers of the United States, was hugely significant in the passing of the Constitution, while also serving as the first treasurer of the United States. He was a publisher of The Federalist Papers, as well as a co-founder of the New York Post. An avid Federalist leader, he pushed for an increase in federal power and the ratification of the Constitution. However, Hamilton made his largest impact in the economic field of American politics. Hamilton was the primary impetus for the creation of the national bank, which was instituted in the late 18th century in order to organize the financial affairs of the nation. His bill faced a large opposition from the Republican party, led by future president Thomas Jefferson. …show more content…

He believed that the nation should push for more domestic manufacturing, which would create American jobs and further grow the economy. He passed a protective tariff, placing a tax on imported goods. This sparked a movement that led to an increase in domestic goods being bought, successfully causing the economy to flourish.2 Most importantly, he was integral in the resolution of the national debt that was left over from previous wars, specifically the American Revolution. He argued for the assumption of state debt by the national government, which obviously led to a large national debt. Through his multi-step plan, he was able to negate the debt, which led to a more prosperous United States, ultimately shaping the nation we know today.3 Although Alexander Hamilton’s institution of the national bank and, more importantly, his reform of domestic manufacturing were significant, his most important contribution to the economic success of the early United States was his resolution of the national …show more content…

He argued for a significant tariff on foreign goods, subsidies to industry and the exemption of domestic manufacturers from national taxes. Firstly, Hamilton was a strong advocate of the Tariff of 1789, which pushed to place a tax on foreign, imported manufactured goods. Hamilton argued that making foreign goods more expensive would lead to an increase in the buying of domestic made products, effectively increasing the domestic manufacturing economy.8 Although this tariff was not passed through Congress in 1789, it had a huge impact on the economic welfare of the early nation. This tariff showed how significant domestic manufacturing was going to be in order to create a successful nation. It was eventually passed as a part of another series of tax bills in 1790-1791. Additionally, this failed tariff directly led to the passing of the Tariff of Abominations in 1828, which sought to protect northern industry from cheaper, imported goods. Therefore, it is evident that Hamilton’s tariff would have significantly increased domestic manufacturing, as it was later successfully used for the exact same reason in the Northern United States. Secondly, Hamilton argued that the government should provide subsidies to industries, which would in turn encourage domestic innovation and support internal transportation

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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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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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In result, Hamilton's plan led to our modern National Bank today, it as well led to a clear distinction between Federalists and Democratic Republicans. Hamilton’s plan did fix the economy, while

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Alexander Hamilton was a founding father and a framer of the constitution. He was the first secretary of the treasure in George Washington 's cabinet. Alexander Hamilton was a key player in persuading the New york government at the new York ratifying convention which got the constitution signed. Alexander Hamilton created our currency and the first national bank, but the creation of his political party can be known as the reason for the major divide between Americans today. The assassination of Alexander Hamilton was unjust because he was a key in player in ratifying the constitution and created the currency and the first national bank, but people believe that the creation of his political party created a great divide between Americans.

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151 Words | 1 Pages

Alexander Hamilton (2004), written by Ron Chernow delineates America's most disputable Founding Father. The book gives a wide perspective on early America, with top to bottom accentuation on Hamilton's whole life, achievements and his relationship to certain Founders. Prior to reading this book, I considered Hamilton to be an amazing yet oppressive man who was much of the time involved in conflicts with other Founders. I recall that he advocated a stronger central government, protectionism, mercantilism, and a national bank. Additionally, I knew that he composed parts of the Constitution and wrote the vast majority of The Federalist Papers.

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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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Alexander Hamilton wanted to have the U.S.A to be a business

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This made farmers and whiskey makers very angry. They started to rebel against the tax, creating the Whiskey Rebellion. Violence started to spread from Western Pennsylvania, to other states. There were even small battles taking place. To end this, Hamilton urged Washington to send troops down to the area of the Whiskey Rebellion, and ended the rebellion, once and for all.

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909 Words | 4 Pages

Hamilton pushed for America to raise tariffs on foreign goods. His way of thinking was that although people loved foreign goods, they would not buy them if they had to pay an additional tax on top of the original price, but instead, the people would buy more American-made products that would put a greater increase in the economy which was greatly needed due to the nation’s debt rising daily. Hamilton was a Northerner, which caused him to constantly strive for excellence and growth of the Northern states. The growth of the Northern states would rapidly increase due to the great demand for American-made products with no tax on them instead of the foreign goods with taxes on them. This would make Hamilton a very successful and promising leader for the Northerners to believe and have a greater trust in him.

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Hamilton had many accomplishments throughout his life, but none was more impactful than the execution of his financial plan. The country was in extreme debt when Hamilton proposed his plan to stabilize the economy. His

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1568 Words | 7 Pages

Hamilton wanted to create public credit with a treasury system, a national bank, a mint, and increase manufacturing which would help unify the country. On the other hand, there was Jefferson, who opposed a strong central government. He argued that the “wealthy would gain at the expense of ordinary Americans and that Hamilton’s political economy would corrupt the morality of citizens and undermine the social conditions essential to republican government”(Powerpoint). The country would opt for an approach closer to Hamilton’s views. One of the first acts was the National Banking Act.

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961 Words | 4 Pages

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 1777, Hamilton had become George Washington’s assistant. In the year of 1788 he convinced New Yorkers to ratify the U.S Constitution. He then became the secretary if the treasury. He was a founding father, served in the military, studied law, was involved in politics and government. He is also on U.S currency (10-dollar bill) who was never a president.

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921 Words | 4 Pages

Thesis: The paper proceeding this sentence will go on to recognize a multitude of Alexander Hamilton’s achievements and economic plans to determine their effect on the nation’s economic and financial systems. Introduction: Alexander Hamilton is often said to be one of the father’s and main contributors to the current economic system of America. This paper will provide a short summary of Hamilton’s early life and his achievements to give the reader insight into events the influenced his life and skills in economics Many achievements and influential works listed in this paper range from his earlier works in the late 1770’s, more significant projects in the 1790’s. Hamilton’s economic plan will also be analyzed to find the change in America’s economy from an ununified nation with large unpayable debts, to one with a more stable economy and government and unified currency. Before We Begin: Before examining Hamilton’s plans and the everlasting effects on America’s economy we must first understand America’s financial and economical standing after the Revolutionary War.

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1087 Words | 5 Pages

What did he achieve? Alexander Hamilton was the first Secretary of the Treasury of the United States of America. From his simple and modest upbringing to being the founding father of the U.S. Although Alexander Hamilton was born in the British West Indies, he moved to the US as a refugee when he was young. Not only was Hamilton being the first Secretary of the Treasury of the United States of America, he was also a soldier in General Washington’s Army, an economist, philosopher, founding father of the United States and one of the chief architects who shaped the great nation of the U.S. He was also a founder of the nation’s first political party of the Federalists.

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