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What Is Alexander Hamilton Necessary?

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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 …show more content…

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.” 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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Hamilton believed that wealthy Americans would provide political support to the government and his plan in general would help pay off the debt to merchants who they owed most of their debt to. However, the debt would have to be paid by through taxes by the American people. Hamilton thought money and wealthy Americans would solve all of their problems concerning debt, and that in result would secure the government. Unfortunately, most Americans were not the wealthy

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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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x What did you think about the concepts presented in Chapter 12, in Brown, regarding the role of parents? Did you agree or disagree? Which one of the concepts presented is something you could apply to your coaching situation currently? Your posting is worth 10 points.

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The creation of the first bank in the United States prompted a political debate which started in 1791, and went on in the following years. Hamilton’s plan foresaw a bank provided with special powers and privileges, which gave birth to a wide opposition. Although Hamilton 's idea continues to exist in today’s economic environment, at that time his proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson, who considered the creation of a federal bank as unconstitutional. Following to a broad interpretation of the Constitution, Hamilton argued that in order to have an effective bank, Congress should be provided with all the powers required. Jefferson disagreed with Hamilton, and claimed that the establishment of such a bank was not consistent with the powers that the Constitution granted to Congress.

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The reason this debt was hanging over the United States was because of the expensive Revolutionary War that they had just been involved in. Referencing the report on National Bank Hamilton’s genius plan recommended the creation of the First Bank of the United States. This First Bank was supposed to establish public credit and improve the power of the national government of the United States of America, also expand the flow of legal tender and national debt through some issuance of federal bank notes. In Hamilton's theory, the bank would hold government funds, manage its debt, and loan this same money back out in hopes to help in the recovery from the financial burdens the US held. This Bank would also help to "stimulate the economy" (Cowen, Wright, 2006).

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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 throughout his life has had many noteworthy achievements. One of Hamilton’s most important achievement is that he created the first federal bank. This banking system allowed you to make bonds, loans, and more. This has been long lasting and very helpful to people for years and years to come. He also came up with the idea of a national currency or the money we use today.

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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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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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Tessa Nugent US History to 1877 Professor Gray 2/18/2018 Economic Genius After reading the Taking sides “The Hamiltonian Miracle” by John Steele Gordon. I have concluded that Alexander Hamilton is an economic genius of his time. According to John Steele Gordon, Hamilton’s knowledge of public finance helped him set a course for the American economy in a way that nobody else could.

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Alexander Hamilton had many accomplishments that he achieved during his life. One of his many accomplishments was the founding of the Bank of New York. In Teri Kanefield’s book The Making of America Alexander Hamilton says “, the Bank of New York opened its doors in 1784 as a private financial institution.”

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Jefferson and the Democratic-Republicans were strict constructionists who believed that if the Constitution didn’t allow something, it was forbidden. Hamilton and the Federalists were loose constructionists who believed that if the Constitution didn’t forbid it, it was allowed. He explained his loose constructionist views in “Hamilton’s Opinion as to the Constitutionality of the Bank of the United States,” saying, “If the end is clearly found within any of the specific powers, and if the law has an obvious relation to the end, and it is not forbidden by any particular provision of the Constitution, it may safely be deemed to come within the compass of the national authority.” The National Bank held money for the nation, funded the government, and put private and public money together for a capital pool. Hamilton liked the National Bank because it loaned money to

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financial system and was the first Secretary of the Treasury. On December 15, 1790, Hamilton submitted a report to Congress. He proposed the Bank of the United States with a $10 million capital. This shows that he took up the role because he went to Congress to propose the bank.

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Hamilton would be the first Secretary of the Treasury, and proposed the First National Bank (Ulin, 2004). During his time as treasurer he worked tirelessly to erase the national debt brought upon by the Revolutionary War, and the United States’ need to borrow money from other nations to aid in its victory. One of his solutions to the debt problem was the implementation of a national tax program, and the proposition to create different methods of taxation. He also helped in the much needed establishment of credit with other nations, and founded the United States Mint (Green,

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As newly appointed Secretary of Treasury, Federalist Alexander Hamilton devised complex policy to achieve economic dominance. Hamilton first intended to pay off its extensive Revolutionary way debts. He issued securities bonds for investors to purchase in the hopes of gaining profit for the United States. Hamilton’s policy also included the proposal of a Bank of the United States in order to make the nations economy dynamic through a more stable currency. Lastly Hamilton wanted the United States to embrace a mercantilist economic policy to protect American manufactures through high tariffs and government subsides.

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