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Alexander Hamilton was the first Secretary of the Treasury. In addition to sponsoring a national bank, Hamilton's other measures included an assumption of the state war debts by the U.S. government, establishment of a mint and imposition of a federal excise tax. The goals of Hamilton's measures were to: [2]
In United States history, the Second Report on the Public Credit, [1] also referred to as The Report on a National Bank, [2] was the second of four influential reports on fiscal and economic policy delivered to Congress by the first U.S. Secretary of the Treasury, Alexander Hamilton.
In 1791, former Morris aide and chief advocate for Northern mercantile interests, Alexander Hamilton, the Secretary of the Treasury, accepted a compromise with the Southern lawmakers to ensure the continuation of Morris's Bank project; in exchange for support by the South for a national bank, Hamilton agreed to ensure sufficient support to have the national or federal capitol moved from its ...
Hamilton's bank – the First Bank of the United States [29] - had a mixture of government and private ownership, and was subject to public oversight. The federal government appointed five of the twenty-five bank directors and held one-fifth (20%) of the Bank's stock.
Hamilton immediately followed up his success with the Second Report on Public Credit, which contained his plan for the Bank of the United States, a national, privately operated bank endowed with public funds that became the forerunner of the Federal Reserve System. In 1791 Hamilton released a third report, the Report on Manufactures, which ...
After Alexander Hamilton became Secretary of the Treasury in 1790, he promoted the expansion of the federal government through a variety of controversial bills. Hamilton argued that a federal bank would be beneficial to the national economy. The opening paragraph of the bill sums up his arguments:
As Secretary of the Treasury, Hamilton found himself in opposition to then Secretary of State Thomas Jefferson, who opposed establishing a de facto central bank. Hamilton justified the creation of this bank, and other federal powers, under Congress's constitutional authority to issue currency, regulate interstate commerce, and do anything else ...
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States.It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.