The Central Bank: The Worst Idea In History Essay

Not only did their differences in the way Jefferson and Hamilton were brought up differ, especially their ideas and views on government and the Constitution. Jefferson, our first Secretary of State had differing ideas on government that Hamilton. Jefferson said about the Constitution, “…I like the organization of the government into Legislative, Judiciary, and Executive…” This quote states that he favors a more viewpoint in which he favored a small government and states’ rights. Today, he would have been part of the Republican Party. He also believed that the Majority should always be victorious, and that the nation should stick to an agricultural lifestyle. Since he favored the Constitution and wrote a majority of it, there were things that upset him when he was

Jefferson’s core beliefs were to limit the size of the Federal Government. He was a Republican whose vision for America was an Agrarian utopia. Meaning he wanted small agriculture-centered communities to govern themselves as well as the nation. He wanted to stray away from the economic life of urban manufacturing that London was known for. When Jefferson won office, he began to limit Federal power by firing tax collectors, reducing the size of the military, including the navy. Even though Jefferson wanted an Agrarian Republic, he ended up working against himself and even expanded self-manufacturing, industry, small businesses, and even went as far as greatly increasing Federal power more

Thomas Jefferson, Secretary of State, and Alexander Hamilton, Secretary of Treasury were members of of Washington’s Cabinet who did not like each other. They constantly argued about political issues. One issue that they argued about was the opening of a National Bank. Hamilton wanted the bank to have a place to deposit money, print money, and a place for loans to be given. Jefferson explained the bank gave the government too much power, so it would over power states. They also did not want one group to have a monopoly. (Doc. 2)This was Jefferson’s view and showed strict constriction which was the idea that the government is allowed to do only what the constitution said they can do. Another issue that occurred was that Jefferson wrote a memo about Hamilton. Jefferson wrote that Hamilton was a Monarchist and was corrupt and would destroy the government. He also wrote that he does not care about the poor and the average man but only the rich and wealthy. This was written in the perspective of Jefferson and was a hundred percent bias against Hamilton. Hamilton was known as an elitist so Jefferson used this to his advantage. (Doc. 3) After this memo Hamilton wrote a document about Jefferson in response. He wrote that Madison and Jefferson are hostile and that they like women. He said they had a womanish attachment to France and womanish resentment against

Fixing financial policies is very important. A national bank would establish financial policies. This bank is chartered under the Federal government. Hamilton believed in the need for banks to fix financial problems such as providing credit to people and to stimulate the economy. The Federalist party funding the old revolutionary wars debt and the state's debt. “The Senate passed it handily on January 20, 1791, and the House followed in early February” (pbs.org). This shows that hamilton's bank plan easily went through congress and it was passed. After all this information lets

After the Revolutionary War the economy was not thriving. Paper money that had issued during the war was basically worthless, and there was a debt. These issues needed to be resolved and James Hamilton was the man whose hands this task fell on. Hamilton's plan was to retire old obligatuons and to borrow money at a lower interest rate. Hamilton proposed that teh government take all of the debt of the federal government and all the states. Many states that had already paid off their debts did not understand

Thomas Jefferson represents the common man. He believes in strict adherence to the constitution. Jefferson wants the rights of an individual state to trump federal government regulations. The reason Jefferson believes in states’ rights is that he believes the government can better relate to the people in this form. He envisions the United States as a primarily agrarian society. Hamilton in favor of strong government and believes consolidation equates to efficiency and order. He envisions the United States as a primarily manufacturing society.

Hamilton wanted us to start to push our own goods. Industrialization was essential in his views. (Farless) He believed that a strong government would provide a good business that would allow industries to grow. He established a National Bank and funded the National Debt so that the United States would have a national credit that would standardize a national currency. Hamilton argued that the bank would provide stability to the specie-starved American economy by making loans to merchants, handling government funds, and issuing bills of credit; much as the

Hamilton was appointed by President George Washington as the first Secretary of the Treasury Department. Hamilton was a Federalist and wanted a strong central government which means it should have more power than the states. Hamilton believed in a loose interpretation of the constitution which means the document allowed everything if it did not forbid. During the French Revolution, Hamilton supported and was an ally of Britain. Hamilton wanted elite rule America. The Federalist Party would be one of the “rich, the able, and the well-born” (Foner, Give Me Liberty, I, 295) as Hamilton stated. Hamilton favored a close relationship with Britain and he wanted America’s economy like Britain where trade and manufacturing were priorities. Hamilton desired to develop the economy and financial stability of the United States, so he established an economic five-program in 1790 and 1791. The first part was to establish the new nation’s credit worthiness which means people

Alexander Hamilton was one of the most influential figures to shape American finances. He made his contribution through the The Hamiltonian Economic Program. The goal of his plan is to improve the American economy through three steps. The first is to pay off the nation’s national debt in order for states to focus on business. This way maximum profit can be achieved. The second step is to place tariffs on imported goods to gain money. Lastly is to create a national bank in order to regulate money flow and currency. However, Thomas Jefferson strongly disagreed with Alexander Hamilton’s views which was evidently seen in the political parties, the Democratic Republicans and the Federalists. One of the main differences between the two is regarding the type of government America would have. Hamilton favored a strong federal government while Jefferson favored a small local government.

George Washington was a very popular and well respected man. The nation needed someone to be at the head of the new government. The American people decided to elect him as the first president of the United States under the new government created by the Constitution. Being the president of an entire nation did come with its problems. Even though his presidency was successful, Washington faced challenges with the state governments, political parties, and foreign alliances.

Thomas Jefferson was an early American politician, who was well-known for his actions during his presidency. He was labeled as a Democratic-Republican, meaning he favored stronger rights of individual states, rather than a central government with a lot of power. That is, at least in the years prior to his presidency. After he was elected, however, his convictions totally changed. During his presidency, three major events; his war with the Barbary Pirates, his restrictive economic policies, and the Louisiana Purchase, all directly contradicted the beliefs of himself and other Democratic-Republicans.

Economically, the debt total to about $54 million including interest. Hamilton created the National Bank to take care of debts which planned to pay full value to improve national credit. The credit of the bank would then to go to the government (Doc. D). The government can then use that credit to loan money (when needed) from a certain foreign country that the government has good credit with. Rather than debts and credits, the bank created a standard form of currency to create a stabilized economy. The new currency was made from paper instead of gold and silver coins (Doc. D). It was equally accepted in all parts of the nation to help regulate and advance the trading system between states. One of the main purposes Hamilton created the National Bank was to create a place where the government can deposit its money and keep it safe without

Jefferson accomplished a lot while he was president that affected everyone at this time and even us today. While Jefferson was president, he wrote the Declaration of Independence. It was written to declare the independence the colonies had from Great Britain. He also stated that all men should be created equally and stated that slavery is against our most important rights, life and liberty itself. Jefferson wrote a bill establishing that all virginia schools were to give all children male or female, get three years of teaching in writing, reading arithmetic and history. He also came up with the Louisiana Purchase. It was land deal between the U.S. and France. In order to buy all this land he used Hamilton 's finacial plan, which was a good plan until it provoked the

Alexander Hamilton, though, worked for a more complex economic system. He planned out a national debt, public credit, a national bank and a plan to pay off the debts the nation had accrued. He advocated to accept the old debts of the Articles of Confederation, war debts, and state debts under his economic policy because it gives the government some legitimacy, and it allows for the government to obtain credit from other countries easily.

After the Revolutionary War, many of the country’s citizens were in great debit and there was widespread economic disruption. The country was in need of an economic overhaul and the new country’s leaders would need to decide how to do this to ensure the new country did not fall apart. After two unsuccessful attempts at a national banking system, the Federal Reserve System was created by the Federal Reserve Act of 1913. Since its inception, the Federal Reserve System has evolved into a central banking system that grows with the country. The Federal Reserve System provides this country with a central bank that is able to pursue consistent monetary policies. My goal in this paper is to help the reader to understand why the Federal