Alexander Hamilton Vision Of Leading The Nation In The 1790s

Looking back on the most recent election driven by partisan rancor, many Americans may be cursing Hamilton and Jefferson, the two men responsible for the creation of political parties. But, without the contributions of Alexander Hamilton and Thomas Jefferson the United States economy, principles, laws and shape of the nation would not be as stable. Alexander Hamilton had fought in the revolutionary war. When he started serving as Secretary of the Treasury under George Washington America was drowning in debt. Alexander Hamilton proposed a financial plan involving the establishment of a national bank, the assumption of state debts, creating a paper currency and setting tariffs on imports to increase government revenue.

Hamilton's economic plan turning point was on the promotion of manufacturers and commerce. While Hamilton distrusted popular will and believed that the federal government should use considerable power in order to steer a successful course, Jefferson placed his trust in the people as governors (Holmes). Hamilton's plan was to establish a bank like the one in England to maintain public credit; strengthening the states' debts under the federal government, and enacting protective tariffs and governments subsidies to encourage American manufactures. All these measures strengthened the federal governments power at the expense of the states. Jefferson opposed these views from Hamilton he feared that the Bank of the United States represented too much English influence, and argued that the constitution did not give congress the power to establish a bank.

Hamilton ensured that many of the holders of financial dept would be wealthy merchants, so that they had a financial stake in the new governments survival. This caused wealthy merchants to therefore become involved and want the government to be successful due to their financial stake in its future success. The establishment of a central bank was one of Hamilton’s reforms that allowed the American economy to stabilize and thereby establish its own currency . A bank gave the United States the opportunity to print their own currency, so that they would no longer be forced to utilize the British pound. This served as a solution to the United States identity issue, as it no longer identified itself with that of its oppressor’s currency.

“Experience hath shewn, that even under the best forms of government, those entrusted with power have, in time, and by slow operations, perverted it into tyranny,” said Thomas Jefferson, who believed in strict constitutional interpretation, a simple republican society, and the opposition of a powerful, centralized government. Opposed to Hamiltonian visions such as an industrialized nation, a powerful centralized government, the U.S Bank, high tariffs, and an approbation towards the white collar or upper class, Jefferson proposed ideals of agrarianism, a weak centralized government allowing more power to the individual, a miniscule standing army, and an approbation towards the blue collar or working class. Though Jefferson proposed many of these ideas, he was not able to act on many of them throughout his presidency. Due to certain circumstances dealing with war, the Embargo Act, and other urgencies during his presidency, Jefferson was forced into leading a more powerful, centralized government, contesting with his original hopes for the nation.

Alexander Hamilton, the first Secretary of Treasury of the United States, had a lot going for himself being a man that came from poverty to success, and he was a man “all powerful and fails at nothing which he attempts” admitted a congressman in 1791 (Tindall and Shi). Born in the Caribbean in the West Indies, abandoned by his father and orphaned at the age of 13 by his late mother who had died. Later moved to New York, became a lawyer and transitioned to nationalism thus giving him the important role of handling the weight of the debt America had accumulated $54 million deep after the Revolutionary War (Digital History). Hamilton saw the need for some financial credit to be given to America and he had the right idea by proposing a National Bank to his first president George Washington. Word dispersed of that proposal leading a

The difference between the two were Hamilton’s vision was about manufacturing, banking, and unification and Jefferson’s idea was on farming and individuality of the states and the people. Hamilton’s was right that its was important for the U.S. economy to have a national banking systems, we have this today. Jefferson thought that we would not have any need for a national banking systems. Our country went more in favor in Hamilton,

Alexander Hamilton wanted to have the U.S.A to be a business

During the 18th century, the economy of the United states was practically underwater due to the very expensive war the U.S. had recently ended, known as the “Revolutionary War”. The enormous debt the U.S. acquired was hindering. Determined to make a change, Alexander Hamilton

Hamilton realized something while working as George Washington’s advisor. He realized that the states had a lot of resentment and hate for each other and he believed that it was from The Articles of Confederation. He left his advisor spot in 1782 and focused more on establishing a strong central

Of the founding fathers of our nation, history often remembers the ones who shaped our nation the most. Of course, history is shaped by those that survive, and so the hundreds of accomplishments that Alexander Hamilton was able to achieve in his short life time mostly go unremembered. The United State’s first Secretary of Treasury shaped the early economy of the nation in ways that still affect us today, yet, before the hit broadway musical about him, most people remembered him as the guy on the ten-dollar bill and the guy that Aaron Burr shot. Alexander Hamilton did so much more than that.

He successfully argued for the assumption of state debts by the federal government and the establishment of the first national bank – a private, but partially government-owned institution. He firmly established the principles of financial trading. Due to his efforts, the creditworthiness of the United States was restored. Hamilton’s accomplishments as Treasury Secretary were not achieved without a struggle. His congressional opponents tried to exhaust him by demanding detailed reports on the workings of the treasury department with incredibly short delivery dates.

Political parties started in America because of the different views on how the government should be runned by Alexander Hamilton and Thomas Jefferson and the influences of newspapers. Jefferson and Hamilton had different views on how the government should be runned. Jefferson believed farmers were the center of the economy so, he feared that a manufacturing economy would corrupt the U.S.. Hamilton opposed Jefferson, he wanted the government to promote trade and manufacturing because he favored the growth of cities. Hamilton wanted more power to the government than the states. Jefferson disagreed and he feared the government might try to take powers given to the states.

Hamilton wanted to create public credit with a treasury system, a national bank, a mint, and increase manufacturing which would help unify the country. On the other hand, there was Jefferson, who opposed a strong central government. He argued that the “wealthy would gain at the expense of ordinary Americans and that Hamilton’s political economy would corrupt the morality of citizens and undermine the social conditions essential to republican government”(Powerpoint). The country would opt for an approach closer to Hamilton’s views. One of the first acts was the National Banking Act.

Hamilton vs. Jefferson Visions to Reality     Thomas Jefferson and Alexander Hamilton both had very defined visions of the scope and power of the new federal government, how they saw the future of the economic development, and what the United States society should become. In my opinion Alexander Hamilton had more of an impact on the United States during the 1820’s and on contemporary government when compared to Thomas Jefferson. His policies did not strictly work during that time and many of his ideas are still seen in today’s society. Jefferson’s views and ideas on/of the national bank, higher tariffs, debt assumption, The Federalist Party, and his support of the ratification of the Constitution are all reasons in why his policies and visions came closer to becoming a reality.     Thomas Jefferson and Alexander Hamilton, molded the gatherings that provoked to the twofold party system under which the U.S. works today.

In this paper I will be discussing why I believe Alexander Hamilton to be an economic genius. Who is Alexander Hamilton?