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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]
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.
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.
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.
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:
Dec. 24—There's new hope for the Second National Bank building on High Street in Downtown Hamilton, with the possibilities including a hotel, condominiums or a mix of residences, businesses or ...
Hamilton's Report on a National Bank was a projection from the first Report on the Public Credit. Although Hamilton had been forming ideas of a national bank as early as 1779, [96]: 268 he had gathered ideas in various ways over the past eleven years.
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