Essay about Alexander Hamilton 's Impact On The United States

1092 Words Apr 22nd, 2016 5 Pages
After the Revolutionary War the economy that had been sustained by trade with England was in shambles and within the new government that was being created Alexander Hamilton was ready to fix the failing economy. The Treasury Department is the second oldest department in the government. Hamilton was the first Secretary of the Treasury inducted under George Washington in 1789. Once in Washington’s cabinet Hamilton proposed a financial system that came under extreme opposition but would ultimately pass and return the fledgling country to prosperity. Alexander Hamilton 's contribution to monetary processes and the United States’ economics outweigh the proposal to remove Hamilton from the ten dollar bill. During his eight years as Treasury Secretary Hamilton created the first National Bank and the first bank of New York. However getting the banks established was not easy. In January 1790 Alexander Hamilton presented to the newly formed Congress of the United States the “First Report on Public Credit”. It outlined three important steps to bring the country back to a former stable economy from before the war. Redemption, Assumption and Residency. The redemption process was to pay the debt from the war back in full. Hamilton believed that “the debt of the US was...the price of liberty” the debt came to 77 million after inflation. (First Report on Public Credit) Hamilton argued that by paying off the debt where most countries default on war debt, would make European powers more apt…

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