The Central Bank: The Worst Idea In History

1311 words - 5 pages

No one wants their freedoms muted, stolen, seized, or threatened. Our nation struggled for eight years in the American Revolution, to break the choke hold of Britain on Americans. After the war was over and America was independent, there had to be a plan. Where were all these free people going to go? Were they going to settle across the land and live like the indians that inhabited the places around them? That might have not been a bad idea, but just as the indians were kicked out of their home by Americans, any other foreign power would have eventually done the same to Americans. Helen Keller makes a good point when she says: “The most pathetic person in the world is the one who has sight but no vision.”
According to Karl Walling, Hamilton had vision, and his vision was to establish “a new order of the ages, a republican empire, which would supply an effectual moral alternative to the genuine machiavellian regimes of his day.” This quote could be interpreted in negative or positive way. The negative would be that Hamilton wanted a monarchy in form of the new United States. The Positive would be that in that time period every other nation or tribe was using a type of monarchy in their own regions; everyone around the Americans worked as machiavellian people. America had to be different. The word machiavellian stands for someone who tries to achieve their goals by cunning, scheming, and unscrupulous methods. (Parliament and the King really only sought to benefit themselves.) A republican empire was to show that we were no longer just a small insignificant colony. The reason Hamilton chose to use the British example, was because they had endured the test of time. Hamilton used traces of the British monarchy as bases that struck fear in the hearts of many, in particular, Thomas Jefferson. Creating the Central Bank with traces of British form of government helped keep America alive through those tough times.
Thomas Jefferson was a people's man, on the day of his inauguration, he dressed in everyday clothing and walked to to the Capitol for the swearing in ceremony. His vision was that the source of true liberty was the farmer that worked for himself, and for the market. Private business, in other words, is what would’ve been best for the economy, and the peoples happiness in Jeffersons point of view. So, while in office, Jefferson began to undo Federalist innovations. He reduced the size of the army to half a dozen naval ships, and he abolished taxes on whisky. There was a lot of debt from the Revolutionary war, and Hamilton wanted to refund the debt, take up all the notes, and sell bonds. Jefferson was against that, he, along with James Madison, didn’t want the speculators getting more than what they put in.
Gordon argues that Hamilton's plan to save the economy worked. Congress agreed with Hamiton as well, because he knew that a well founded debt would allow the country to borrow money in times of need. He “also knew that federal bonds could...

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