Alexander Hamilton 's Impact On Economic Development Essays

1194 Words Nov 8th, 2016 5 Pages
From Great Minds To a Great Nation 2

Alexander Hamilton as the United States first secretary of the treasury had contributed a great

impact to the U.S political and economic development. This impact is still alive today. His talent, wit,

brilliance and luck brought him to America. His determination, work experiences and opportunities in

networking with the rich and powerful ended him up as the first secretary of the treasury under

President George Washington 's presidency. During that time the United States was in a great turmoil

politically and economically, facing international and domestic debts as a result of the American

Revolution. Bank credit paralyzed financial growth. There was a shortage of a strong currency and

war debt was crushing the nation 's economy. He came up with proposals on Fiscal policies through

these three Major Reports.

The first is the Report on Public Credit in January 1790. Its goal was for the federal

government to pay off its debts and take responsibility on its states debts as well. Of course, this

sparked great controversy and opposition before it got accepted. All branches of the government were

drowning in debt and almost all sectors of the economy were in a hopeless state. So, Alexander

Hamilton came up with this report to design a repayment plan and push the government to be genuinely

committed in paying off its loans. Investors who made purchases on these public securities could make

a lot of…

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