Alexander Hamilton, an orphan at the age of eleven, born on January 11, 1757, in the West Indies, so in a position in company that at the age of twelve was place in charge of merchant Cruger’ trading enterprise in his frequent absences. His capacity to express himself with the pen landed him in New York at King’s College, now Columbia, where he became interested in political matters. After the war started, Washington necessary an aide who could take over the burden of correspondence and simply because of his capability with the pen, Hamilton was chosen.
A Broke Nation
Alexander Hamilton realized that war necessary cash and there was none. He also understood there need to be productive government and there was a loose Confederation. He wrote lengthy letters to members of Congress, setting forth his views. Right after studying law, Hamilton became a brilliant lawyer and entered into politics. He was alarmed at the way the Confederation was drifting, possessing no real central energy or income and how the states had been bickering among themselves more than separate finances and tariffs. Hamilton used his pen and hammered his points yet again and again of the value of a robust government, a typical source of income, and a Constitution granting such powers. Virtually single-handedly he initiated the Constitutional Convention. There, the other people listened to him with respect, but believed his views too strong for popular approval. The final Constitution was a compromise of Hamilton’s extreme views and far more moderate views of the other folks, of which Hamilton fought for ratification, writing the Federalist Papers, with Madison and John Jay, where they masterly convinced the reluctant states to come in line.
Immediately after the ratification of the Constitution, George Washington took the office of President and appointed Alexander Hamilton to head the Treasury of a bankrupt nation.
Hamilton’s views were strongly for a central government, which he thought was the only way to gain and keep peace and the only way to get such government was to interest the rich through their pocketbooks. He added privately that he favored the rule of the smart, the wealthy and the properly-born, which was the total opposite of the beliefs of Thomas Jefferson.
Hamilton’s Economic Strategy
As Treasurer, Alexander Hamilton evolved a series of far-reaching measures, Initial, a tariff on imports and an excise tax on certain domestic goods. Second, a funding technique by which the outstanding debts would be called in, and interest-bearing bonds issued in their place, dollar for dollar, insisting that this was the only way credit could be sustained. In spite of the opposition, Hamilton forced the funding through congress.
Third, Hamilton’s strategy was to set up a Bank of the United States, to establish a no cost flow of currency, to aid business, and to borrow from in time of need to have.
Part four of his strategy was to encourage manufacturing by means of government bounties and a protective tariff, which failed and delayed the industrial age in the United States for at least a generation.
Political Parties Formed
Battles more than Hamilton’s proposals led to the formation of the Federalists and the Republican parties. Alexander Hamilton headed the Federalists and Thomas Jefferson the Republicans.
Hamilton called for a nation powerful at home and respected abroad. He believed in financial organizing, a manufacturing economic climate, and a rule of the elite. Jefferson feared centralization and government intervention in personal affairs, believed agriculture the accurate basis of freedom and believed in the instincts and votes of the common man.
Alexander Hamilton sculpted the economic world in which we live in right now. In a sense it is Hamilton’s World. His monetary schemes saved the nation from perishing. His dream of the industrial program came true.