Hamilton And The Economy Essay example - 1455 Words

Your name Your teacher Date Hamilton and the Economy nbsp;nbsp;nbsp;nbsp;nbsp; Since the birth of the country, there have been many influences on its development. The economy in particular has been an area of great importance. Many people have been factors in the growth of the United States’ economy. Perhaps the earliest and most influential of these was Alexander Hamilton. As shown in his effective policies, such as assumption of Revolutionary War debts, practical taxation, formation of the National Bank, and views on manufacturing, Hamilton was a dominant force from the beginning. During his term as secretary of the treasury, he acted with the power and commanding force of a Prime Minister. None of the other founding fathers†¦show more content†¦nbsp;nbsp;nbsp;nbsp;nbsp;Hamilton also showed his influence in the development of the country’s taxation policies. He set up funding programs to pay off the now large national debt. â€Å"In raising money to meet the obligation of Assumption, he resorted to direct taxation as little as possible , and made luxuries bear the burden† (Bowers 20). Hamilton preferred taxing luxuries that only the rich could afford instead of merely taxing the entire population equally. Part of Hamilton’s vision was to have a very commercial economy. He did not want taxation to discourage business growth, and made great efforts to make excise inspection non-oppressive (Mitchell 186). Hamilton did whatever was in his power to stimulate growth of industry so that the nation might grow into an economic giant. nbsp;nbsp;nbsp;nbsp;nbsp;The early enactment of a National Bank would never have existed without Hamilton’s drive. He single handedly planned and set the foundation for a bank, which was essential to his fiscal philosophy. His presentation to congress was so detailed and thorough that a majority if the House even needed explanation as to the rudimentary function of the bank (Mitchell 197). Jeffersonians opposed this plan because they had a strict view of the constitution, which did not call for a national bank. Hamilton used the elastic clause to justify this, and felt that the bank was â€Å"necessary and proper† to the function of the government. He also knew that the politicians he neededShow MoreRelatedAlexander Hamilton ( 1755-1804 )860 Words   |  4 PagesAlexander Hamilton (1755-1804). 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