Alexander Hamilton and the National Bank

Topics: United States Constitution, Money, Taxation in the United States Pages: 2 (496 words) Published: April 3, 2013
Alexander Hamilton and The National Bank
Alexander Hamilton believed that since The United States was growing as a new nation, they could take advantage of it and use it as a source of energy and cohesion. Furthermore, his main goal was just to spark up the economy and revive it to the point where it was normally flowing. So, his first idea was to completely eradicate all national and stately debt. He wanted to look at the accumulated debt of the Revolutionary War at face value and completely do away with it. Also, he wanted to create a budget for the country with allowed them just enough money to get by and not create any more debt. A federal tax system was also thought of to help bring the nation into financial clearance. The nation would require a set tax from each state every couple months which they would collet and put towards destroying national debt. Hamilton also desired to create custom service and coast guard to assist the people of the nation in their times of struggle and need. Hamilton believed you could federal debt with new interest earning bonds and basically just gamble. Moreover, the most important thing he advocated was a national bank. This was the large dispute of the time and many people felt that Congress was not granted authority anywhere in the Constitution to create a national bank. They felt threatened that their new, free country was quickly going down hill and the Congress would begin to act tyrannical. However, I believe they really were justified in creating a national bank. A uniform currency is exactly what the country needed if the wanted to be respected and succeed. Article 1 Section 8 of the Constitution states, “The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defense and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States.” This says that when in time of need, the Congress can...
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