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Hamilton and the Economy
Since the birth of the country, there have been many influences on its development. The economy in particular has been an area of great importance. Many people have been factors in the growth of the United States’ economy. Perhaps the earliest and most influential of these was Alexander Hamilton. As shown in his effective policies, such as assumption of Revolutionary War debts, practical taxation, formation of the National Bank, and views on manufacturing, Hamilton was a dominant force from the beginning. During his term as secretary of the treasury, he acted with the power and commanding force of a Prime Minister. None of the other founding fathers contributed as much to the economy’s growth, and the shape of the country in general, as he did. Alexander Hamilton was the most influential of the United States’ early politicians on the development of the country’s economy.
One of the earliest examples of Hamilton’s power was his role in the national assumption of state debts. After the Revolutionary War, individual states had varying amounts of debt. States with less debt were in favor of paying it off themselves, while those with greater debt needed some federal aid. Wanting to make the country more unified, Hamilton saw making a large collective national debt as a way to bring together the states. “Hamilton’s impulse, therefore, in assuming all outstanding state debts was to avoid unnecessary and destructive competition between state and federal governments, and at the same time to preempt the best sources of revenue for the United States Treasury” (Elkins and McKitrick 119). The author states Hamilton’s motives for assumption were to eliminate competition between the states that might damage the union. This fits in with his larger policy of strong national government. Other politicians were opposed to this, such as Thomas Jefferson and James Madison. Their opposition to the plan went away as assumption became associated with other less controversial plans of Hamilton’s. Madison even turned in defense of the plan after being convinced of Hamilton’s financial vision (Bowers 61). Hamilton made a compromise turning out in his favor when he allowed Madison and Jefferson to have a capital on the Potomac River. This allowed him to pass his plan more...
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...hat he formed to control smuggling, which has since grown and evolved as the United States coast guard (Mitchell 181). Hamilton has made many lasting contributions to help the development of the United States economy. Hamilton wanted an industrialized economy. To help achieve this he supported taxes on foreign goods, encouraging growth of American Industry. Through supporting tariffs on foreign goods, Hamilton supported economic infrastructure, and advocated a nationally directed, controlled economy, in the interest of foreign enterprise (Morris 130). Hamilton clearly envisioned the nations potential as an economic power, and took great impetus in shaping economic infrastructure.
Of the many figures in American History, Alexander Hamilton has proven himself one of the most versatile and influential. His policies and ideals have helped the United States blossom into a prosperous world power. Through his power as secretary of Treasury and his convincing intellectual efforts, he was able to dominate the nations early political environment. Hamilton’s patriotic endeavors have proven themselves to be durable and in the best interests of the United States.
During the American Revolutionary War, all of the states had incurred a lot of debt from other foreign nations. So Hamilton decided that America must pay back this debt so that they could maintain peace and regulate commerce with European countries. The southern states had paid off their debt but the northern states were still in debt. So he composed a compromise - The south would not protest the Federal government paying off any northern states that still had debt, in the condition that the south chose where the national capital would be built. This compromise worked as the entire United States debt was paid off and the capital was constructed in the District of Columbia (DC) within a few years. In the construction of the capital, Maryland and Virginia donated land for the capital. The importance of this plan was that they had no debt, so this would bring power and respect to the United States from the European countries by keeping peace with everybody and allowing for continued trade. Because who would trade with a country that has debt with
·Hamilton’s plan to establish a permanent national debt violated the principle of equality among citizens; it seemed to favor the interests of public creditors over those of other Americans. Hamilton’s critics also denounced his proposal for a national band, interpreting it as a dangerous scheme that would give a small, elite group special power to influence the government.
In his First Report on Public Credit, Alexander Hamilton discusses the current financial situation of the United States and, as a response, proposes a plan to take care of the debt accrued from the Revolutionary War. Hamilton 's address tells the story of a significantly indebted newfound nation in desperate need of financial reorganization. He first discusses the strain that could be placed on public credit from public engagements and that the expensive engagement of war against Britain was the price to pay for liberty. Subsequently, he delivers his plan, which focused on the full payment of foreign loans, redemption of bonds (which would create new debt, but nonetheless establish good federal credit), and the assumption of individual state
Finally, Alexander Hamilton’s views on government were better for what the United States would become. Hamilton’s views on government were better for what the United States would become because he was a Federalist and believed in a strong central government. Also because of the way he viewed national debt, and the way he viewed foreign affairs. These are all ways that prove Alexander Hamilton’s views on government were better for what the United States would
Alexander Hamilton wanted to promote commerce and industry through a strong central government. He also would diversify American economic life by encouraging shipping and creating manufacturing through legislative directives. Hamilton also believed that a republican style of government could only succeed by the direction of a governing class.
Everyone has heard the name Alexander Hamilton, but few are familiar with his views and actions regarding the survival of the young American republic. He could be recognized for anything from serving our fledgling country by fighting in the New York militia; to serving his community as a lawyer and as a national tax agent; to beginning his political career as a representative for New York at the National Congress. Though most would agree his most important contribution to our struggling republic was to spearhead the project which formed the doctrine helping to establish the foundation in which modern democracy is based, the Articles of Confederation.
Thesis: Hamilton is arguing for the unity of the executive branch that is provided for in the United States Constitution. He is coming from the federalist side and believes in more power in the branches, the executive one specifically. He argues the benefits for more power, his central argument for unity, the accountability, and defense for his beliefs.
He was bold and persuasive and his philosophies quite extraordinary for his time. Jefferson’s agricultural viewpoint was vastly different from Hamilton’s manufacturing perspective. Though they both envisioned a great and prosperous nation, they had contrasting opinions on how this should occur. Hamilton, a Federalist, believed the rich and powerful should be the central government for all people, as they knew better how to foster and protect the em... ...
As a federalist Alexander Hamilton wanted to establish a stronger federal government under a new Constitution. He met in Philadelphia with other delegates to discuss how to fix the Articles of Confederation that created a weak central government. During the meeting, Hamilton expressed his view that a dependable current source of revenue would be crucial to develop a more powerful and resilient central government. Although Hamilton played a diminutive part in the writing of the Constitution itself, he did heavily influence its ratification. In cooperation with James Madison and John Jay, Hamilton wrote fifty one of eighty five essays under the joint title The Federalist “The Federalist Paper.” In the essays, he cunningly explained and defended the newly drafted Constitution prior to its approval. In 1788, at the New York Ratification Convention, two thirds of delegates opposed the Constitution, however Hamilton was a powerful advocate for ratification, effectively arguing against the anti Federalist persuasion. His efforts succeeded when New York agreed to ratify, which led the remaining eight states to follow. He had a proposal for the new government that was modeled on the British system, which Hamilton considered the best.
Going hand in hand with his detestation of large, extremely controlling national governments, Jefferson was intent on having no national bank present in the US, but Hamilton was certain the country would benefit from one. For example, in a personal letter written by Alexander Hamilton, he wrote, “Mr. Madison, co-operating with Mr. Jefferson, is at the head of a faction, decidedly hostile to me, and my administration; and actuated by views... subversive of the principals of good government, and dangerous to the Union... Mr. Jefferson... [displays] his dislike of... funding [the] debt.” (Doc 2) Hamilton implied that by not advocating a national bank, Jefferson did not want to help the country pay off its debt. Jefferson, however, was dead set against having a national bank because he wanted the common people, such as the farmers, to have maximum influence on the government. This way, a strong central government could not have supreme political, economic, and social power, all of which together would open the doors for future corruption, even if the government was set up in the manner directed in the Constitution. Jefferson defended this judgement to the extent that he formed a political party so it could develop into a well-supported suggestion. Thus, the perspective on national banks could more efficiently progress into the point where it impacted the whole country and prevented the formation of a national bank. Equally, the excise tax proposed by Alexander Hamilton and carried out by Congress, factored in on Hamilton and Jefferson’s feud on having a national bank. In a letter written by Thomas Jefferson, he manifested his reaction to the excise tax by commenting, “The excise tax is an infernal one... [the public’s]
...tes would never be seen as a stable and reliable nation. To pay off the debts Hamilton designed to raise taxes throughout the country. And when the capital moved from Philadelphia to New York City, Hamilton offered to convince Congress and the President to move the capitol south to an appointed area near Virginia now known as District of Columbia.
Chernow also mentions, in his biography about Hamilton, that, “Because many Americans still bartered, Hamilton wanted to encourage the use of coins. As part of his campaign to foster a market economy, Hamilton suggested introducing a wide variety of coins, including gold and silver dollars, a ten-cent silver piece, and copper coins of a cent or half cent. He wasn’t just thinking of rich people; small coins would benefit the poor “by enabling them to purchase in small portions and at a more reasonable rate the necessaries of which they stand in need” (356). It would seem that he always had the common good in the forefront of his mind. The first national bank was established so that the government had a bank to utilize, but it was ultimately used to unify currency and the way in which everyone received currency. National banks and a unified currency were crucial in keeping a strong central government as well as a market
In The Dinner, the+ men compromise on Hamilton’s Assumption Plan. When an exhausted and unkempt Hamilton tells Jefferson that he wishes to resign from Secretary of Treasury because his financial plan “was trapped in a congressional gridlock” because of James Madison’s strong disapproval of it, Jefferson agreed to help him. The recovery of Public Credit assumed that the “federal government would take on all the accumulated debts of the states” . However, Madison disapproved of this plan because he worried that Hamilton valued speculators over the common man who had fought in the Revolution. Also, many states had already paid off their wartime debts, so the Assumption Bill would do them an injustice by “compelling them, after having done their duty, to contribute to those states who have not equally done their duty” . Later on Jefferson invited Hamilton and Madison over to dinner, their discussion lead to a
“[T]he man on the ten-dollar bill is the father of the American treasury system, a signer of the Constitution, one of the primary authors of the Federalist Papers, and the loser of the infamous duel with Vice President Aaron Burr. Alexander Hamilton's earlier career as a Continental Army officer is less well known. Yet Hamilton's first experience in public service is important, not only because it was the springboard to his later career, but because it also deeply influenced his values and thinking” (Hamilton).
Also, Jefferson believed that agriculture would be able to support a nation at war and make sure that its supply lines would not be cut off and leave the US vulnerable. While Hamilton and Jefferson both tried to give the new nation what they thought was best, it was inevitable that their views would clash. Due to sharp differences in their political and economic thoughts, Hamilton and Jefferson more often than not found themselves fighting over issues they should have been in agreement with. Hamilton’s Federalism and Jefferson’s anti-Federalism all served to create a different movement that would affect the nation both economically and politically as the years after the Revolution played out.