Why Was Alexander Hamilton And Benjamin Franklin?

To understand the reason, and perhaps necessity, for the conception of the Currency act of 1764, one must have a grasp of the economic situation in the American colonies prior to 1764. The currency used in the American colonies has always revolved around, specie or the two types of paper currency, legislatively issued legal tender or land bank notes (Finkelstein 39). Foreign specie was far more common than British specie, due to an export prohibition of British specie and an unfavorable balance of trade between the American colonies and Britain that drained whatever British specie

When producing something as important as the document outlining an entire nation’s culture, it is helpful to have inventive and innovative thinkers; however, it is necessary to have leaders with experience and knowledge. The United States needed a strong leader who stood for his beliefs and could execute them to their full potential. When Alexander Hamilton entered Independence Hall on May 14, 1787, that was exactly what he was willing to do for his country. He helped with the ratification of the Constitution by writing 51 of the 85 installments of the Federalist Papers. Hamilton continued to strive for the well-being of the U.S. as Secretary of Treasury after the Philadelphia Convention. He advocated for a strong

Prominent American leaders and politicians have been on United States paper currency for decades. These leaders made a lasting impression in American history in a significant amount of ways. Some notable mentions are Abraham Lincoln, who’s preservation of the Union and Emancipation Proclamation remains vital to the unified nation today and Alexander Hamilton’s advocation of the revised Constitution and influence in the modern day political system. However, the Great Emancipator and the founding father of the United States have respectively been on the currency for almost a century. Currently, there are heated debates about the portrait replacement of Ulysses S, Grant with Ronald Reagan on the $50 bill. Despite the opposition, the portraits on the United States currency should be replaced because it is the time of a new generation that begs for change.

Forty thousand years ago, there was an Ice Age. Twenty-five hundred years ago, there were only Native Americans in North America. Two hundred fifty years ago, there were two men who important to history. These men were named Alexander Hamilton and Benjamin Franklin. Although the two men have an astounding amount of similarities, the differences deserve a thorough examination.

“[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).

Even before the creation of the Federal Reserve, banks were used by the public just as we use them today. Deposits were made into savings accounts. Loans were taken out to mortgage a home or finance a new business. Banknotes were issued and spent when the public borrowed from the banks. Borrowers spent these banknotes just as paper money is spent today. These bank notes were valued as money since they were backed by the promise that they would be exchanged on demand for either gold or silver.

Conflicts always happen as when people discuss with different perspective of views, especially within the parties of politic. Likewise, the spilt into the Federalists and the Democratic Republicans is the most well-known above them all as the result from the disagreement from the two brilliant politicians: Alexander Hamilton and Thomas Jefferson. During George Washington’s presidency, he pointed Hamilton, as the Secretary of the Treasury and Jefferson, as the Secretary of the States in his cabinet. Despite the worry of Washington of damaging the unity, Hamilton and Jefferson had so much objections in each other’s idea of a modelist government they desire to be. As a result, in the end of Washington’s presidency, they declared to separate into the Federalists, leaded by Hamilton and the Democratic Republicans, leaded by Jefferson. Although both of the parties all wanted the best for the United States, like their leaders, the parties has so much contradict believes in the government power, the economy and foreign relations but with so less similarities.

The bank provided credit to growing enterprises, issued bank notes which served as a dependable medium of exchange throughout the country, and it exercised a restraining effect on the less well manages state banks. Nicholas Biddle, who ran the Bank, tried to put the institution on a sound and prosperous basis. But Andrew Jackson was always determined to destroy it (Brinkley, 249). The Bank had two opposition groups: the “soft-money” faction and the “hard-money” faction. Soft money advocates objected to the Bank of the United States because it restrained the state banks from issuing notes freely. Hard money advocates believed that coin was the only safe currency, and they condemned all banks that issued bank notes.

The Bank of the United States was where the money was backed up by gold, and it severely favored the wealthy people of the time. Andrew Jackson recognized this and heeded the lower socio economic classes calls and shut down the Bank of the United States. This act alone highlights the idea that Jackson wants to make his country fair and the national bank was corrupt in his eyes. A quote that exemplifies the corruptness of the Bank of the United States is, “The bank has made the rich richer, the powerful more potent and has left the humble members of our society--the farmers, mechanics and laborers--to complain about the injustices of their own government” (Document 5). This quote summarizes the Bank of the United States’ favoring of the wealthy. Andrew Jackson saw this and because the “humble members” of their society were complaining about the favoring of the wealth and the injustices, Jackson decided to take action. The government no longer favored the rich and neglected the poor but represented each of them equally. Jackson grew up without a lot of money and understood what is was like to be taken advantage of. In summary, Andrew Jackson belongs of the twenty dollar bill because of his effort to broaden the democracy in the United

In 1811, when the first bank of the United States concluded, many banknotes were distributed, but banks were not keeping enough silver and gold to collect when requested. Large number of notes were handed out with different values and collections all at the same time as a result counterfeiting was easy. Congress handled and funded the second bank of the United States in 1816 which were allowed the state bank to issue money but its amount did not authorize

As a result of Congress not re-instating the Bank of the United States, the new state charter banks were able to issue more currency than previously done by the Bank of the United States and the state banks while it was around. By 1815, “there were 256 state chartered banks and almost $70 million in their bank notes in circulation.” (Shmoop, 2008) which in comparison to the Bank of the United States who back in 1809 only had $6 million in circulation in their bank notes. Later the Bank of the United States was re-instated but only took over some of the nation’s money supply, and even after its reinstatement the value of the circulating bank notes reduced to $45 million which was still a vast improvement to the $6million before the new state chartered banks. The state chartered banks made capital available to a larger audience than ever before and had such a critical impact on the American

President Lincoln who is a great model of the USA, " would be ashamed to have his face on this specious specie"(Source C). Why would they put the face of a great president who did good things in the US on a piece of copper that has no value what so ever. He will feel no gratitude toward the country by repaying his hard work in a non-valuable piece of copper that should be helping but its really not. As years pass by, the economy is changing by how much money is worth by stating that, " you can't buy anything with a penny any more"(Source C). The penny was worth more back then but now you can't even buy a piece of gum with it. If the penny can't even buy a product why keep it around, its not like its being used. It can also be said that, " Two-thirds of them immediately drop out of circulation" (Source C). Meaning to say that approximately sixty-six percent of pennies disappear or just end up in a place where it will eventually be

How can a bastard child from a small island in the caribbean be related to the very founding of America? The answer is found in this man’s sheer determination and unprecedented zeal. Alexander Hamilton was one of America’s founding fathers despite the fact of not stepping foot on its soil until he was in his late teens. In his biography appropriately titled Alexander Hamilton, Historian Ron Chernow examines how this consistently unlucky child was paramount in founding key aspects of the America we know today.

For Americans firsts 70 years private entities and not the federal government issued paper money. Notes that was printed by the states chartered banks which could of been exchange for gold and silver. From the founding of the United States passage of National Banking Act 8,000 different countries issued currency which created a widely money supply facilitated rampant counterfeiting. By establishing a single national currency the National Banking act eliminated the overwhelming variety of paper money circulating throughout the country and created a system of banks chartered by the federal government rather than by the states. The law also assisted the federal government in financing the Civil War. Before gold and silver was discovered in the west the United States lacked sufficient quantity of precious metals for minting coins. A 1793 law permitted spanish dollars and other foreign coins to be a part of the American monetary system. Foreign coins was not banned until 1857. The highest bill ever produced by the United States Bureau of Engraving and printing was the $100,000 gold certificate. The money was printed between December 18, 1934 and January 9, 1935 with the picture of President Woodrow on the front. The notes wasn’t available to the public they were only use for transaction

This Biography is made by Mcgill and, Sarah Ann. Stating that this was all the way from early life to death. It says that he was in the military during the revolution and later was noticed by president george washington and was given the name vice president. Although he had done some good and some bad one of the positive things he had done was fight for the rights of voting by doing that he had given the power to the states causing them to give them the power to decide what they can do and what they can not do. Although he had thought of some propositions for the constitutional convention he had. Although he had a very rough childhood with no parents. He actually did pretty good for a man like him. Soon he had become a great man for the city of new york but it wasn't the first time because it was hard for him to see that. He was a great vice president as for what people like him should do things that he did after he had learned his lesson but that was after.