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.
When Jackson chose to eliminate the National Bank he had what was best for him on his mind and not what was best for the United States. The second National Bank was established in 1816 and had a charter set to expire in twenty years. The bank became very powerful and was good for the U.S. economy, “...it was the only bank permitted to have offices across the nation... The Bank of the United States also printed the country’s paper money” (Ember). Having these responsibilities, the bank became a very important part of the economy.
Though Andrew Jackson and John C. Calhoun couldn't be more different actually disliking each other for many reasons one of which an argument between friends, both played large parts in the history of The United States of America. John C. Calhoun who though had own slaves and believed in the Confederacy like Thomas Jefferson though more strongly spearheaded for separation between the north and south Calhoun had a very different view as shown in the fact that he was a democratic-republican and ended up heading the political after his namesake the Jacksonian Democracy. On the other hand, Andrew Jackson who I'd say was more attuned to Thomas Jefferson's ideology because unlike Calhoun, Jackson and Jefferson weren't fighting to get more power in
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
John C. Calhoun John C. Calhoun was a great politician of the 19th century. He strengthened the nation with internal improvements. Mr. Calhoun really wanted to charter a new United States bank t help the money situation and improve the economy. He was very supportive to all these national projects in Congress. John Calhoun was known as a very famous politician and was about to be elected president.
In 1791, the United States was in debt (due to the Revolutionary War) and each state had a different form of currency. Treasury Secretary, Alexander Hamilton urged the congress to establish the First Bank of the United States in 1791. Alexander created this bank to assist the states in paying their debt from the war and to aid the government in its financial transactions. The First Bank was the largest corporation in the United States and at the time big banking unnerved many Americans. The First Bank of the United States issued paper money to pay any debts owed to the government and taxes.
The American System was a plan brought forth by Henry Clay, about economic development. The American system was brilliant plan that allowed federal funding for internal development. This plan created a protective tariff in order to protect American businesses but in turn created a high tariff on imported goods some American industries can strive. The American System helped the textile business, while British were bringing clothes over and selling them cheaper. The American system also wanted to create high land states, so that the revenues my help economic development.
“The Bank of the United States was established in 1791 to serve as a repository for federal funds and as the government’s fiscal agent. Initially proposed by Alexander Hamilton, the First Bank was granted a twenty-year charter by Congress in spite of the opposition of the Jeffersonians to whom it represented the dominance of mercantile over agrarian interests and an unconstitutional use of federal power.” (Bank of the United States, par. 1) The main supporters of the Bank of United States were the businessmen and those who were involved in industry.
Defending the American System The presidential election of 1824 saw the beginning of a new rivalry in American politics between future president, Andrew Jackson, and the Virginian, Henry Clay. Clay was heavily inspired by Alexander Hamilton, and thus, developed a similar economic plan that came to be known as the American System. The American System encompassed Clay's vision of America's economic future based on protective tariffs, a national bank, and internal improvement as key elements in American society, which he thought would pave the way for an industrial and flourishing U.S. economy.
The National Bank also helped fund infrastructure projects, facilitating more westward expansion and significant economic growth. Using this National Bank, we could put out a 15-year bond and purchase Louisiana Territory. Under Thomas Jefferson’s rule, they expired the National Bank in 1811, before the bond reached its end, and now they have little funds for the bond and no funds for the military. The Jeffersonian-Republicans expired the National Bank because they believed that it gave the government too much power and that it was taking away the rights of the states. To Thomas Jefferson, this went against his belief in a less involved government and autonomy for the common people and their states.
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.
The need for a national bank was very much so necessary. Hamilton also convinced president Washington to sign the bank bill by his lengthy report that stated: “This criterion is the end, to which the measure relates as a mean. If the end be clearly comprehended withan any specified powers, collecting taxes and regulating the currency, and if the measure have an obvious relation to that end, and is not forbidden by any particular provision of the constitution, it may safely be deemed to come with the compass of national authority.”
In American History, few ideological disagreements have been as important as the divide between Andrew Jackson’s Republican Party and Henry Clay’s Whig Party. Both parties were led by brilliant men whose political arguments would lay the foundation on the nature of democracy and economic development that are ever present in our national discourse. Jackson thought America should remain as it was in its current state and feared improvement whereas Henry Clay felt that America was destined for greatness and change. In order to fully understand and appreciate their national debates, a detailed analysis of the two political leader’s differences on democracy and economic development will be presented herein as well as how this debate overcame the
In America, slavery began when the first African slaves were brought to the North American colony of Jamestown in 1619 to aid in the production of such lucrative crops as tobacco. I oppose slavery for many reasons which include the difference of slavery in the new world versus in Africa, morally injustice of slavery, and the effects it has created on us today. While many were against slavery, there were also others who were proslavery which is defined as favoring the continuance of the institution of slavery of blacks, or opposed to interference with it. John C. Calhoun entered national politics in 1811 as a congressman, became secretary of war under James Monroe, and served as vice president under both John Q. Adams and Andrew Jackson. Although
Alexander Hamilton was a Federalist who believed in his loose Constructionist views, a support for manufacturing and trade, and a strong national government. Thomas Jefferson, a Democratic-Republican, believed in his strict Constructionist views, a support in agriculture, and a strong state government. These two both played impacts on the Early Republic. However, Hamilton’s views on the Constitution, the central government, and an ideal economy greatly influenced the formation of the United States in the Early Republic times. Hamilton’s loose constructionist ideas overrode Jefferson’s strict constructionist views, as seen in the National Bank.
