"The House that Hamilton Built" - Daily Photo - 02/02/13
The First Bank of the United States was first advocated by Robert Morris and through the efforts of Alexander Hamilton, as Secretary of the Treasury, the U.S. Congress chartered the central bank in 1791. This institution was created to manage the debt from the Revolutionary War. However, once the debt was "nationalized", bonds or rather Treasury's were issued monetizing the U.S. economy and many feared centralizing power within the central government. While the initial bargain was perceived to be beneficial to Southern interests, James Madison and Thomas Jefferson had forced the move of the capitol south in exchange for the bank's creation, as well as some creative accounting with Virginia's Revolutionary War debt, the recognition that Hamilton's ambition was to create a mercantile society led to a clash with slave owning agrarian interests such as Virginia. In 1811, though Madison as President supported the recharter, Congress refused leading to a fiscal and at least initially military disaster in the war the following year.
As an employee of the central bank today, stumbling across this was a real treat. Moreover, Hamilton and Madison are my two favorite founders and I love the debate that existed over the creation of the First Bank.
Picture was taken at an angle from the side and kneeling up in the rain. The damp and cold played havoc on my camera! - mreldridge
A mix of old and new I try to post daily. I've been a "shutter bug" for years, love the different styles on this site and am seeking any advice you may wish to share. Please feel free to comment at your discretion, any feedback is much appreciated. Thanks!