Monday, May 22, 2017

Who is the Hamilton of Broadway?

   Alexander Hamilton was one of the Founding Fathers of the United States actively ending the legality of slavery.  The Federalist Papers he co-wrote with James Madison explained federalism.  It shaped the Constitution and advocated its ratification.

   The Federalist Papers (1788) established America’s unique financial system.  Hamilton wrote reports to Congress, such as the First Report on Public Credit (1790) and the Report on Manufactures (1791) which partly formed the outline of the US financial system still envied by the rest the world today.  

   “As the first Secretary of the Treasury, Hamilton was the main author of the economic policies of the George Washington administration. He took the lead in the funding of the states' debts by the Federal government, as well as the establishment of the first national bank…”  His interpretation of the constitution created the government-backed Bank of the United State.  He is still the face on the ten dollar bill.
   Laissez-faire capitalism inspired by the economic ideas of Alexander Hamilton was part of the reason America became an economic power.  Laissez-faire contends that business and industry will prosper without government intervention.  While preaching Laissez-faire with his right hand, Hamilton’s left hand imposed economic policy of high tariffs, or taxes on imported goods to encourage Americans to support local industries.

   American business and industry has been propped by the government via colonialization of smaller countries, weapons manufacturing and trade with allied countries.  US economic expansion rode on the railroads.  The U.S. government built the railway system through laws, with tax breaks and tariffs.  Then used its military to break workers’ strikes.  Industrial corporations could not have prospered at that time without government assistance.

   Hamilton was right about his double-talk.  Ultimately, Laissez-faire’s letting business speculate freely, caused the Great Depression of 1929.  Some economists say the mortgage crisis of 2008 was similarly caused laissez-faire policies.

   The Compromise of 1790 was between Alexander Hamilton and several southern members of Congress.  Hamilton won the decision.  The Residence Act of 1790 brokered by Hamilton put the capitol of the USA in the District of Columbia (Washington DC).

   The concept of honor was essential to Hamilton.  A duel began at dawn on July 11, 1804, Hamilton might have fired on his way to the ground, upon being hit by a bullet.  He died the next day, July 12, 1804.  

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