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[5] [7] Secretary Hamilton regarded the bank as indispensable to producing a stable and flexible financial system. [6] [8] The ease with which Federalists advanced legislation to incorporate the bank impelled agrarian opposition hostile to Hamilton’s emerging economic nationalism.
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.
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 ...
"Alexander Hamilton in the Uniform of the New York Artillery" by the artist Alonzo Chappel (1828–1887) In addition to the external benefits and potential ills, Hamilton stated that public and private credit were inevitably tied and that private credit was equally necessary in a developing country for people of all occupations to begin their ...
Alexander Hamilton's ideas and three Reports to Congress formed the philosophical basis of the American School.. The American School of economics represented the legacy of Alexander Hamilton, who in his Report on Manufactures, argued that the U.S. could not become fully independent until it was self-sufficient in all necessary economic products.
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Alexander Hamilton, a portrait by William J. Weaver now housed in the U.S. Department of State. In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term.