Alexander Hamilton on a National Bank

must find Philadelphia much change it wasn't more change than I could have imagined mr. Hamilton not the city itself all cities swallow everything there wait that's no surprise to me that's why I abhor them but I've been as you know in revolutionary France where the streets are filled with the sounds of liberty and brotherhood and the overthrow of ancient tyrannies of Europe and to return from there to this our cradle of revolution and find the dinner table chatter is all of money and banks and authority is an unwelcome surprise unwelcome perhaps but necessary I must admit mishaps ie a little uncertain as to the purpose of the Treasury does not no doubt its function will reveal itself to me in good time the future prosperity of this nation rests chiefly in trade trade depends among other things on the willingness of other nations to lend us money and how would you propose to establish international credit first that would be to incur a national debt the greater the debt greater the credit and to that end I am recommended to the president that Congress adopt all the debts incurred by the individual states during the war through a National Bank the idea being that if the state's own Congress money then other nations will feel more inclined to lend it to us if the states are indebted to a central authority it increases the power of the central government but exactly the greater the government's responsibility the greater its authority the moneyed interest in this country is all in the north so the wealth and power would inevitably be concentrated there in the federal government to the expense of the south if that is the case it is unavoidable if the union is to be preserved I fear our revolution will have been in vain if a Virginia farmer is to be held in hock to a New York Stock jobber who in turn is in hock to a London banker the opportunities for avarice and corruption would certainly prove irresistible well there you have it as I have heard said men were angels and no government would be necessary sadly that is very well said but there can be no question our nation cannot bind together without powerful central government but we must also accommodate the needs of our constituent states both north and south now the power of one must check and balance the other and to that end we must dedicate all of our energies and our care I would like to welcome mr. Jefferson home mr. Secretary of State yeah mr. president gentlemen there are cabinet matters that I would like to discuss if you would excuse us mr. Adams please convey my regards to your wife mr. president mr. president and nothing more

Channel: NeoHamiltonian

Views: 183,767

Keywords: Alexander, Hamilton, National, Bank, Revolutionary, War, Debt, Thomas, Jefferson, George, Washington, John, Adams

Id: Oy7IFSS-F0I

Length: 4min 34sec (274 seconds)

Published: Mon Mar 16 2009