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Alexander Hamilton

Alexander Hamilton is a key figure in US History. He was a top advisor to George Washington and documented the Coast Guard. The US financial system that led to the power and influence the country holds today is credited to him

Alexander Hamilton’s reports to the US Congress in which he devised the financial affairs of the federal government left an enduring influence on the American matters of state. The Federal Institutions and the financial system that set the US economy towards prosperity were mostly his designs. He co-authored the Federalist that served as the theoretical basis of the Constitution of the United States is considered a classic treatise. His writings and debates were centered on the political change that was often implemented. His ideas, however, were sharply contested by his political rivals who engaged in polemical dialog with him that often resulted in partisan reactions of rejection or acceptance. One of his earliest debates were on how to retain the benefits of the American Revolution that often became central to the conflicts.

Some of the earliest causes of tension became his economic policies. As he was assigned the advisory role, one of the major problems that required a decision was US’s huge national debt. Hamilton’s proposal was the entire debt of the states and federal government be assumed by the government and older obligations that had depreciated should be paid off by loans acquired at lower interests. His critics say the scheme to be bringing enormous benefits to speculators that had bought cheap 10 cent bonds before the Revolution. Madison who coauthored the Federalist opposed the move but his ideas were difficult to implement. Furthermore, a majority of Congressmen had already invested in public securities and would financially benefit from Hamilton’s proposal that also contributed to its passage. However, the proposal led to notable success. Foreign investors began to see the United States as an attractive place to make investments as they saw American willingness to pay off their debts. Investment capitals from Europe poured into the US in large numbers, as a result.

Another major opposition to Hamilton’s financial plans came because of his proposal to charter a national bank of the US. Among his vocal critics was Thomas Jefferson, whose argument stemmed from his strict interpretation of the Constitution. Jefferson was of the view that federal authorities must be written in the Constitution for which there was none to allow a national bank. Hamilton’s view favored a more loose interpretation of the constitution that interpreted the “All Laws Which Shall Be Necessary and Proper” to be permissive of such a move. The debate moved beyond the cabinet as the legislature remained divided over the possibility of a national bank. It was evident that larger cities in the north and leading financiers and merchants there would profit more from Hamilton’s plans. Jefferson’s vision contrasted with Hamilton’s who was seen as an adamant elitist that sought to favor financiers and merchants whereas Jefferson’s policies favored ordinary farmers. Hamilton’s plan also proposed that one-fifth of the bank’s total stock would be held by the federal government thought it would run independently from it.

The Congress finally approved the bill in 1791 and allowed to form a bank for a period of 20 years in which the President would decide whether the move was constitutional or not. President Washington favored Hamilton’s views that sometimes to national wellbeing the constitution had to be loosely interpreted. He also approved Hamilton and the Congress Proposal.

The economic vision of Alexander Hamilton was one that was quite modern in its vision and based itself on capitalism, investment, free markets, and industrialization. Thomas Jefferson remained his most eloquent opponent who saw industrialization and manufacturing to be threatening to the traditional American agrarian ways. Although Thomas Jefferson managed to acquire greater support at the end, yet Alexander Hamilton remains to be credited for his contribution to the American nation’s vision for regulation, organization, and efficiency. He demonstrated that it was important for America to hold credit to develop government operations, industry, trade, and commerce.

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