Hamilton and the Economy

A detailed Summary of Hamilton and the Economy


The young America needed a smart and eager Secretary of the Treasury, and that's what it found in Alexander Hamilton under the George Washington administration. Hamilton knew that the country's economy was in danger of going belly-up if there was not a drastic change and clear establishment of federal control of the direction of the budding economy. Alexander Hamilton's economic plan obligated America to pay off its national debt, establish a national bank, and establish tariff rates to make the most of American manufacturing.

At the time that Hamilton became the Secretary of the Treasury, the nation was over fifty million dollars in debt, largely due to the costs of war and the foreign debts to accompany them. Hamilton's anticipation of global commerce in the decades and centuries to come fostered the creation of the Report on Public


The Secretary wanted more responsibility for the country's money. Namely, Hamilton wanted to control inflation, which Andrew Jackson had made a seriously problem by misuse of the previous national bank. Many were against the idea of a national bank, expressed by the argument from Thomas Jefferson and James Madison that America did not have the power to do such a thing nor was the establishment of a bank prioritized or even mentioned in the Constitution. Uneager to agree with Mr. Hamilton at first, Congress did not invest in his idea until he argued with the "necessary and proper" clause, making use of the Constitution's loose construction to argue that the bank was needed at the time. Congress decided to bank on the future as well, and gave the "Bank of the United States" a twenty-year charter. Long-term investments like this were imp

Some common words found in the essay are:
Report Manufactures, Credit Hamilton's, War Hamilton, Alexander Hamilton, Secretary Treasury, Alexander Hamilton's, George Washington, Hamilton Congress, Bank United, Andrew Jackson, national bank, alexander hamilton, federal government, tariff rates, nation's credit, hamilton's idea, secretary treasury,

Approximate Word count = 568
Approximate Pages = 2 (250 words per page double spaced)

Category: History

join now Save Paper

Related Essays

  • Hamilton vs Jefferson ... This would help keep the economy stable and growing if the farming lands were not up ... Hamilton said that some of the power should be kept out of the hand of the ... 1805 words
  • Alexander Hamilton ... report he outlined how manufacturing would help encourage and sustain the American economy. Hamiltonamp39s last collaboration with George Washington was the ... 2098 words
  • Hamilton vs. Jefferson ... Jefferson did not ignore the economy, but rather was greatly focused on the individual rightsof citizens. In short Hamilton supported a loose and broad ... 588 words
  • Alexander Hamilton 2 ... While in Saint Croix, Hamilton observed how slavery drove the economy there as well as how it resulted in the deaths of whites. ... 645 words
  • Hamiltonamp39s Plan ... defense. Hamilton wanted a powerful nation resting on a balanced economy of agriculture, trade, finance, and manufactoring. He favored ... 445 words

Professional Essays

  • International Political Economy IPE ... A strengthened domestic economy, Hamilton suggests, will yield international status, which is consistent with a Realist view of international power relations. ... 2076 words
  • The Federalist Party ... Hamilton advocated a national bank that would issue loans to encourage the growth of business and, therefore, the economy. Once ... 1196 words
  • The First Bank of The United States ... In adopting Hamiltonamp39s proposal and chartering the Bank, both the Congress and the ... policy which contributed to the continuing growth of the economy of the ... 1277 words
  • Market Economy ... two decades by James Madison, who once opposed Alexander Hamiltons National ... from interfering with the development of the fledgling US economy, Passed in ... 1229 words
  • Reshaping of the Global Economy ... to simplify complex alterations in the contemporary political economy adopts a ... the sociological theory of Professors Gereffi and Hamilton, Harrison recounts ... 1439 words
  • Alexander Hamilton ... Hamilton remained committed to a strong national government, not unlike the British monarchy, whose primary function was to build a national economy by ... 1987 words


Saved Paper

Save your papers so you can locate them quickly!

Newest Essays

Testimonials

  • "Thank You So Much!!! You have saved me once again!!!"
    Jack M.
  • "With so many papers to chose from, I was able to get ideas to help me with all of my classes. Thank You!"
    Brian P.
  • "I've used this site for the last 3 years to help me come up with ideas for my papers."
    Sara J.
  • "I use this site every week to help me write my own papers!"
    Rachel W.
  • "I love this site!!!"
    Marie N.
Home Join Now Support
Acceptable Use Policy About us FAQ
All papers are for research and reference purposes only!
© 2002-2009 DirectEssays.com. All Rights Reserved.