The Economic Conflicts Of Alexander Hamilton

Another thing that Hamilton had done was fight through the revolution as George Washington's right hand man and he was able to, after fighting, fund the nation's federal debt. The writer states “great achievement was funding the federal debt at face value, which rectified and nationalized the financial chaos inherited from the Revolution” (history.com Para. 5). We can tell that he fought through the war, risking his life to help America and eventually help America, even more, afterwards. After going through a tough life so far he was able to also become the nation's first Secretary of Treasury, which deals with the nation's debt and credit which he helped create. It states in the article “As secretary of the treasury” (history.com Para. 5). This just simply shows that he was able to become the Treasurer. Hamilton in total was a very good man, nevertheless, he had cheated on his wife and kinda caused the death of his son helped form America and is very awesome.

3. What was Hamilton’s plan for debt reconciliation? Hamilton suggested funding the debt by selling government bonds, and further proposed that state debts be assumed by the national government. Why was Madison opposed to it? Madison believed that Hamilton's plan "was betraying the ideas of the American Revolution."

George Washington had recognized Hamilton’s leadership abilities and promoted him as Lieutenant Colonel. He was also an innovator of military design, where he designed reports on the defects and how there could be improvement in the military. While Hamilton was working as an adviser for Washington, Hamilton had come to realize the Congress' weaknesses, including jealousy between states, which he believed came from the Articles of Confederation (http://www.ushistory.org/). In 1782, Hamilton was convinced that establishing a strong central government was the key to achieving America’s independence.

During the eight years under the Articles of Confederation, the national debt continued to grow. The country came up with solutions, but the states ignored them. A correspondent in the Independent Chronicle in 1787 plead, “How long are we to continue on our present in-glorious acquiescence in the shameful resistance that some of the states persist in, against federal and national measures?” (Humphrey 2003, 113). Printer Nathaniel Willis called the young country a “union in crisis” (Humprey 2003, 106). Lack of revenue and no way of forcing states to contribute was one of the major and most noted flaws in the Articles of Confederation (Henretta et al. 2010).

Gordon sums up the American economic history in six chapters of his book. He explains that the United States had taken on huge debts following to the American Revolution. In order to pay such debts back, Hamilton created the federal bank and convinced the Congress to issue federal bonds. This way the federal government could make interest payments on time, build credit and keep the inflation from rising. Hamilton thought that the national debt could be a useful tool in order to create capital for the new industries. In his book, Gordon also recalls that soon after the 1812 War the seventh President of the United States cleared the government debts thanks to surpluses deriving from high tariffs. Then, he explains that the introduction of the first Federal income tax in America during the Civil Was turned out to be crucial in order to investigate how to distribute the tax

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

In 1789, George Washington appointed Hamilton as the first Secretary of Treasury. As the Secretary of Treasury, Alexander Hamilton devised plans that funded national debts, assumed the states’ Revolutionary War debts, and established the First National Bank of the United States. Hamilton also influenced many key Federalists in the House of Representatives to make Thomas Jefferson president in the Election of 1800, and was killed in a duel in 1804.

The year is 1772. A young and orphaned Alexander Hamilton writes passionately about a devastating hurricane that had passed through the island he calls home. This letter would be his ticket to New York City, a chance for him to escape his melancholy island life. That first piece was the beginning of a great figure, a founding father for the United States.

Before the Revolutionary War had occurred, many people were coming to the new colonies to start a new life; one of the people was Alexander Hamilton. He had come to the colonies after impressing people in the Caribbean and who then sent him to America to get a better education (“Alexander Hamilton”). Hamilton was an important figure in American history, but very few today remember who he was and what he did. Alexander Hamilton took a stand against traditional government by writing against and battling the British, fighting for the new U.S. Treasury, and arguing for the ratification of the U.S. Constitution.

Although the national debt seems outrageous and out of control, currently standing at over $20 trillion, Alexander Hamilton considered national debt to be a blessing rather than a curse. In the First Report on Public Credit, Hamilton is quoted as saying, “…Persuaded as the Secretary is, that the proper funding of the present debt, will render it a national blessing.” The three-point process that Hamilton implemented catapulted the United States from an agrarian based society to a world power almost immediately. If Alexander Hamilton had not had a worldwide, economic grasp on the United States’ finances, America could never have become the great nation it is today.

The Articles of Confederation proved to be inadequate as the first attempt to form a national government. The Articles displayed an American fear of having another strong national government. Due to the fear of this type of government, no executive office was created and Congress received limitations on its power. Instead, states remained sovereign, forming only a “league of friendship” under the Articles. The states having more power than Congress lead to many failures and problems.

Even though he was not perfect, Hamilton did make many important economic decisions that would later impact the future of the U.S. Beginning with he returned to New York, Hamilton finished his studies and worked as a Pro Bono Lawyer, a lawyer who worked without pay, helping ordinary people with everyday problems, (Fowler, Russell). Following this Hamilton attended the Constitutional Convention hinting his support for a strong federal government, which would later lead to the foundation of the Federalist Party, ("Alexander Hamilton. " Dictionary of American Biography).

Hamilton left the military in 1781. He had recently married Betsey Schuyler, and worked diligently for several months to pass the New York bar exam. Hamilton served as one of New York's most prominent lawyers in the early 1780s, and also began his political career, serving first as a national tax agent, and then as one of New York's representatives at the national Congress in Philadelphia. In 1786, Hamilton was chosen to represent New York state at a national convention held in Annapolis, Maryland, to amend the Articles of Confederation. When only a few of the delegates from the other states bothered to attend, Hamilton called for a second convention to be held in Philadelphia in 1787. This time, the delegates took the invitation more seriously, and created the outline for a new government by drafting the Constitution.

An important problem with the Articles of Confederation were with money. The United States owed millions of dollars in result of borrowing money during the Revolution, and had no way to pay off their debts. Although Congress could ask states for money, they could not force them to contribute. Even though the states had made paper money, each state had a different kind of money. For example, Rhode Island used dollars,

In the American nation, he developed love of regulation, efficiency and organization. Hamilton strongly showed that America must possess credit for the development of government operations, trade, industry and business activities. He stressed the importance of the central government to take over the debts of the state that were unpaid in the Revolutionary period (Scott, 2008). The central government was endorsed by the American Constitution to charge and collect taxes as well as pay liabilities (Robertson, 2005). Such operations can be professionally handled by a central bank. Therefore, Hamilton was characterized by thinking creatively and critically as he observed the potential of the trade industry’s immense power (Pancake, 1974).