The Presidency And Financial Policy Of Alexander Hamilton.

2494 words - 10 pages

Alexander Hamilton can be credited with rebuilding the American economic system after the ratification of the Constitution of The United States. As the first Secretary of the Treasury under President Washington, Hamilton faced several pressing challenges during his efforts to place the new republic on firm economic footing. His financial plans would be as revolutionary as they were controversial with several leading revolutionary figures opposed to his proposals. To compound these political difficulties, legal challenges would plague the patriot since the exact powers of the newly formed federal government had yet to be clearly defined in the arena of economics. However, Hamilton believed that swift and drastic action would be needed to abate the economic chaos that threatened the very existence of the United States.Hamilton attained his position as the Secretary of the Treasury by his close relationship with Washington throughout the revolutionary period. However, his power and influence within the first cabinet was offset by an equally impressive figure, Thomas Jefferson, who was the Secretary of State. These two figures represented polar opposites on the political spectrum, a fact that caused considerable tension. Hamilton's proposals nearly unilaterally aided the creditors and wealthy within the nation whom he believed to be the economic backbone of the nation, He believed that it was only through them that the nation could establish a vibrant economy. Jefferson held the exact opposite view and believed that the poor and middle class should benefit most form any federal economic reforms.Hamilton's first act as the Secretary of the Treasury would also be one of his most controversial. In his First Report of Public Credit, delivered January 9th 1790, Hamilton proposed the federal assumption of the State debts that they had incurred throughout the revolution . This debt had a crippling effect upon many of the states and would help build the financial status and reputation of the United States within the international community. Throughout the revolution and under the Articles of Confederation, the individual states would borrow and repay money as independent entities completely apart from any national system. However, while several states repaid these loans in a timely manner, namely Virginia and North Carolina through the granting of land in place of monetary repayment, others had defaulted upon these loans, a fact which had repercussions for the federal government .The assumption of State Debt formed an integral element of Hamilton's economic Plan, but met with significant resistance. Jefferson feared that this would unduly empower the federal government and restrict the role of the states within the Union. Jefferson makes his position clear when he stated:"This financial maneuver is well known by the name the Assumption. Independently of the debts of Congress, the states had, during the war, contracted separate and heavy debts; and...

Find Another Essay On The Presidency and Financial Policy of Alexander Hamilton.

Thomas Jefferson and Alexander Hamilton Essay

776 words - 3 pages There were many men involved in the establishment of the government, the laws regulating states and people, and individual rights in the construction of the United States of America. Two men stand out as instrumental to our founding principles: Thomas Jefferson and Alexander Hamilton. Thomas Jefferson was an educated, articulate and accomplished man from a well-respected family. He had a great understanding of farming and of the

Alexander Hamilton and His Contributions to the Constitutional Convention

421 words - 2 pages Alexander Hamilton and His Contributions to the Constitutional Convention Alexander Hamilton was the one to first suggest that the Constitutional Convention be called in May of 1787, in Philadelphia. He was one of the three delegates of New York at the time (1782-83). He had a plan of government already outlined to be held over the current feeble system of the Articles of Confederation. He was a very strong advocate when it came to the

Alexander Hamilton Stephens and George Bush

1996 words - 8 pages Alexander Hamilton Stephens and George Bush “A little, slim, pale-faced, consumptive man just concluded the very best speech of an hour’s length I ever heard.” So said Congressman Abraham Lincoln about Alexander Hamilton Stephens.1 Stephens was born near Crawfordsville, Georgia on February 11, 1812. His mother died shortly after his birth and his father died when Stephens was only 14. Even in childhood he was amazingly bright and

Presidency and Foreign Policy Making

1864 words - 7 pages continued to draw significant constitutional debate since the ratification of the Constitution. For example, James Madison and Alexander Hamilton, in 1793 questioned whether the clause affords residual power to the President outside the enumerated powers stipulated in the Constitution. This debate is still significant in the contemporary times because it has a direct impact on the power of the President, and also, as an essential insinuation, it

Hamilton And The Economy

1435 words - 6 pages competition between the states that might damage the union. This fits in with his larger policy of strong national government. Other politicians were opposed to this, such as Thomas Jefferson and James Madison. Their opposition to the plan went away as assumption became associated with other less controversial plans of Hamilton’s. Madison even turned in defense of the plan after being convinced of Hamilton’s financial vision (Bowers 61). Hamilton made a

The Life and Presidency of Woodrow Wilson

1430 words - 6 pages Carolina. Wilson was born just shy of 5 years before the outbreak of the American Civil War. Their family was fortunate that no family member had to serve in the war, but they did open their house and church up for the Confederate soldiers. Although Wilson’s family was never in the war, he viewed the war through the men and woman who came into their home and ended up viewing the war as a dividing line, where the original constitutional structure of the

The Presidency and Democracy

1469 words - 6 pages The Presidency and Democracy To evaluate the position of the president, the concept of democracy must first be considered. Most Americans simply assume that the United States is a democracy. However, before such an assumption is made it is wise to understand the common definition of the word democracy. The Random House College Dictionary defines democracy as, “Government by the people; a form of government in which the supreme

Prohibition And The Presidency

4108 words - 16 pages Prohibition and the Presidency Alcohol has always been a large part of the American way of life. Alcohol is used for amusement purposes, as an enhancement to a meal, and often abused simply to get into an inebriated state. From 1896 to approximately 1933, alcohol was being abused and ultimately causing problems in society and a need for reform was urged by the citizens of the United States. The call for reform led the Americans to create

The Presidency of J.F.K

625 words - 3 pages The Presidency of J.F.K. "Ask not what your country can do for you but what your country can do for you" announced John F.Kennedyfor his inauguration speach. J.F.K. was one of our greatest presidents because of all the heroic,brave, and helpful things that he has done for the United States.Kennedy was born in Brooklin,Massachusetts May,29 1917. He grew up in a very religious family. In 1925 Kennedy got into hardvard. Four years later

Critique of Jefferson and Hamilton

583 words - 2 pages Different people have different outlooks on how the nation should be ran and how our economy should produce our money. For instance two great presidents have two different outlooks on how our economy and our politics should work. Thomas Jefferson wanted an economy based on small family owned farms, while Hamilton on the other hand wanted to manufacturer and produce as much as possible in factories. Both of their plans for the economy have many

Alexander Hamilton Biography-2 pages paragraphs including -introduction -early life -before the Revolution and during the revolution -during and after the revolution -later years

1168 words - 5 pages Alexander Hamilton BiographyAlexander Hamilton, (1757-1804), is a very important man in the history of America. He is best known for his political help in the money issues of government after the American Revolution and he is also well known for being the main writer of The Federalist Papers, a document that successfully gained many followers for the Constitution during the ratification of the Constitution. The document had said many good points

Similar Essays

Comparison Of Thomas Jefferson And Alexander Hamilton

615 words - 2 pages Soon after the birth of America, many profound leaders and colonial individuals voiced their views concerning national policies; of those men, two shine through the somewhat foggy opinions of others with strong, never dwindling thoughts that would shape a nation. Alexander Hamilton and Thomas Jefferson served together in George Washington's first cabinet. They were both regarded highly for their intelligence as well as their stern ambition

Biography Of Alexander Hamilton Essay

756 words - 3 pages Alexander Hamilton was born on the island of Nevis of the British West Indies January eleventh in 1757. He lived with his brother and a single mother. In 1772, Hamilton moved to the United states. He entered the Continental Army in 1776 as the captain of artillery while in New York where he also studied law at King’s College. He was married to Elizabeth Schuyler in 1780. Elizabeth was from a wealthy land holding family, this helped Alexander

Biography Of Alexander Hamilton Essay

2376 words - 10 pages Alexander Hamilton once said, "May God give you wisdom to see what is your true interest, and inspire you with becoming zeal for the cause of virtue and mankind.” Hamilton was a determined man, which is evident from this quote. He was born into a poor family that did not have many chances, but Hamilton made the most of what he had and persevered. Hamilton was a well-educated man that played a large role in what the United States of America is

Alexander Hamilton: Triumph And Tragedies Essay

3954 words - 16 pages have an affect on her because all three of her children all grew up with only one parent. Alexander happened to lose his father around the same age his mother lost hers. Alexander Hamilton, born to James Hamilton and Rachel Faucette, was assumed to be born in 1755 or 1757, it is still unknown the exact year of his birth, though most lean toward ’55. Other than adding to the mystery and intrigue of Alexander Hamilton’s story, this really has no