The Federalist System, 1789-1801

The Federalist System, 1789-1801

by John Spencer Bassett
     
 

View All Available Formats & Editions

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally

Overview

Unlike some other reproductions of classic texts (1) We have not used OCR(Optical Character Recognition), as this leads to bad quality books with introduced typos. (2) In books where there are images such as portraits, maps, sketches etc We have endeavoured to keep the quality of these images, so they represent accurately the original artefact. Although occasionally there may be certain imperfections with these old texts, we feel they deserve to be made available for future generations to enjoy.

Product Details

ISBN-13:
9781290810579
Publisher:
HardPress Publishing
Publication date:
08/01/2012
Pages:
376
Product dimensions:
6.00(w) x 9.00(h) x 0.78(d)

Read an Excerpt


CHAPTER II HAMILTON'S FINANCIAL SYSTEM (1789-1791) IN 1789 the most embarrassed feature of the national government was its finances. The Revolution had necessitated vast debts by both the general and state governments, the weak Confederation had been unable to pay even the interest on its part of these obligations, and many of the states had been unwilling, or unable, to do any better. The result was a prostrate credit at home and abroad. Over against these debts were great natural resources, capable, as any man of experience could see, of profitable manipulation, and holding the promise of splendid development in the future. The serious feature of the situation lay in the fact that the states had from colonial days been so used to careless management of their credit that it was not certain that they could now be brought to protect it in a satisfactory manner. One man there was who proved himself able to rouse the people to the necessary measures, and his name was Alexander Hamilton. This remarkable statesman was a financier by nature. Before he was a mature man his mind wasfull of schemes for establishing the national credit. When he was only twenty-three years old he had projected a great national bank, which the Continental Congress did not feel authorized to charter.1 He came into the treasury with the confidence of the business interests. He was well acquainted with the process by which English commerce had been able to extend itself into most parts of the world, and his ultimate purpose was to give our own relations a tendency in the same direction. Hamilton's scheme had also a political purpose, which was more important than its financial side. He saw that by pursuing astrong fiscal policy he would draw to his party-following the moneyed classes. In this respe...

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >