Alexander Hamilton: The Creation Of The Federal Reserve System

Words: 978
Pages: 4
Open Document
Alexander Hamilton is a man who’s known for, the most part, one of three things; being the person featured on the 10 dollar bill, writing 51 of the 85 Federalist Papers, and being the main protagonist in the hit Broadway musical Hamilton, or some combination of the three. When one thinks of him, one of these things often comes to mind before anything else. Rarely, do people ever really think about his line of work that provided crucial systems and practices to the United States; namely, his work as the first designated Secretary of the Treasury. Hamilton was a hard-working, influential man of both his day and ours; one who shaped and created countless, crucial systems, that survive and operate to this day. On September 2nd, 1789, George Washington …show more content…
The basis and general idea of that bank have evolved into what’s known today as the Federal Reserve System. The country, still being relatively new, still faced a multitude of predicaments, such as lack of a common currency. As a result, Hamilton, being the one to deal with such monetary related matters, created a plan for a financial system. This stated that Congress should create a central bank; half of which would be owned by the government, half of which would be owned by private individuals. It would have several responsibilities and duties, such as issuing monies and making private and public loans. Additionally, they could collect revenue, handle foreign exchange, make debt payments, and things of similar natures. Like anything else, it was met with criticism; but in the end, it got through to Congress. On February 25th, 1791, Congress approved the plan for the bank. Thus, the first bank of the United States was born and would continue to stand (in the figurative sense) for the next 20 …show more content…
After all, it essentially boils down to his two Reports on Public Credit, central banks, and the two-party system; but keep in mind, that all of these have become extremely significant in our society, two entire decades after being created. Take the Democratic and Republican parties; both sprouted from the Federalist and the Democratic-Republican party. As indirect of an accomplishment it may be, it’s still an accomplishment nonetheless, and not to mention, one that makes such a big impact on politics. The Federal Reserve system, dealing with a multitude of important matters, stemmed from the Bank of America— the system which he implemented. But there’s still so, so much more that he’s done, besides this; founding the Coast Guard as well as the New York Post, all his work in the Revolutionary War. These are all just a handful of achievements of his, that just so happened to revolve around his work as the very first Secretary of the Treasury, a few cherry-picked aspects which all have some correlation with one another; ones that still trickle into our society
Show More

Related Documents: Alexander Hamilton: The Creation Of The Federal Reserve System

Hamilton's Curse Thesis

Author's Thesis While many revere Alexander Hamilton as one of the greatest founding fathers of the United States of America and as one who left a positive and enduring legacy on American society, the book Hamilton's Curse by Tomas J. DiLorenzo attacks this widely accepted notion of Hamilton as an angelic figure and describes Hamilton from a different perspective . DiLorenzo examines the beliefs and work of Hamilton and explains that the man's legacy significantly damaged American freedom and nullified…

Words 2323 - Pages 10

Essay about Bond Market

unknown only 50 years ago, at the speed of information. Now, we need to take a step back and see how this came about. The Bond Exchange formally began in 1792. Before that, the first bonds were issued and sold by soon to be Treasury Secretary, Alexander Hamilton. Bonds, initially, were used to fund the American Revolution. These bonds not only provided valuable income to a people in dire need of funds for the war, but implicitly provided trust in the emerging government. People would only buy a bond…

Words 2750 - Pages 11

Essay on AP Government and Politics

AP Government and Politics Study Guide Amendments 1st Amendment Civil Liberties: Religion, Speech, Assembly & Petition Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or the press, or the right of the people to peacefully to assemble, and to petition the Government for a redress of grievances.” Establishment Clause: “make no law respecting the establishment of …” Free Exercise Clause: “or prohibiting…

Words 3262 - Pages 14

Civil War Terms Essay

rebellion after this battle Federalist Americans in favor of ratifying the U.S. Constitution Included Alexander Hamilton*, James Madison*, and John Jay who wrote the Federalist Papers, urging ratification Would eventually convince all of the colonies to ratify, join the new nation Anti-Federalist Those who were against ratifying the new proposed constitution Thought that it gave the federal government too much power Wanted to preserve certain civil rights Their concerns were addressed in the…

Words 8628 - Pages 35

The New Deal And Public Support In The United States

that for a very short time, the federal government was interested in protecting individual citizens against the shortcomings of a laize faire economy because the government began to protect the public. While the ideal of public protection may be desired by a few representatives, funding such an enormous enterprise is proving to be impossible without further jeopardizing the financial position of those they seek to protect. One of the most expensive government systems ever created in the U.S. is the…

Words 4847 - Pages 20

How to write a "Hello World" program in Java Essay

due to the speed of the current debate, however, federal policymakers have largely ignored two issues critical to the implementation of any new legislation: first, how will new federal rules fit with the nation’s complicated and entrenched set of inter-governmental health care partnerships; and second, how will those rules accommodate the extraordinary inter-state (and intra-state) variation in every aspect of the nation’s health care system? This issue brief addresses these issues. It begins…

Words 8152 - Pages 33