Hamilton’s ideas can be largely credited to his environment. Despite winning the Revolutionary War, America was stuck in a post-war economic slump and had obtained immense amounts of debt. The U.S. debt in 1783 totaled $43 million.
Having also accepted loans from France during the revolution, the government was faced with immense pressure to periodically pay these funds back. While Hamilton’s efforts did include attempting to transition America from an agricultural society to one focused on manufacturing, he realized little could be completed without stable resources. “A nation cannot long exist without revenues”. In order for the nation to prosper, Hamilton believed a national bank needed to be created.
However, even before the Bank of the United States was created, Hamilton already recognized the importance of public credit and government bonds. He viewed credit as an extremely valuable part to his economic plans. Public credit is equivalent to the ability to borrow “That an adequate provision for the support o...
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...iant on other nations because then, someone else controlled your fate, decreasing your economic strength.
Hamilton left behind a legacy as one of America’s greatest founding fathers and was an instrumental piece in reviving the American economy. Despite facing tough obstacles and resilient opposition, Hamilton continued to attempt to implement his economic vision. Not only did Hamilton increase America’s profits, but he also created the foundation for centuries to come. Hamilton’s knowledge on the importance of credit, banking, and manufacturing all contributed to his success and influence. While the first bank ultimately fell under president Andrew Jackson, Hamilton’s work and influence in the economy is still evident today. Even though he may mostly be remember for his death in his duel with Aaron Burr, Hamilton’s influence in the American economy is unmatched.
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