Alexander Hamilton Quotes
Not only the wealth; but the independence and security of a Country, appear to be materially connected with the prosperity of manufactures.
Alexander Hamilton, 1755-1804, Aide-de-camp to General Washington, Member of the Continental Congress and the Constitutional Convention, U. S. Secretary of the Treasury (Federalist, NY), “Report on the Subject of Manufactures”, 1791
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His prediction was accurate and the consequence was an increase in the production of agricultural products and a shrinking proportion of Americans employed in farming and ranching.
All money has based on the Gold Standard then. But the economic output of the American colonies was increasing rapidly. If the money supply stays fixed, there is a shortage of money and this then inhibits further growth, Franklin realized this and called for an increase in the money supply. He was only 23 years old when he wrote this essay and had these insights.
In 1701 exports of wool accounted for ¼ of all exports. By 1770, it was almost 1/3.
Alexander Hamilton was an American statesman, politician, legal scholar, military commander, lawyer, banker, and economist. He was one of the Founding Fathers of the United States. He was an influential interpreter and promoter of the U.S. Constitution, as well as the founder of the nation's financial system, the Federalist Party, the United States Coast Guard, and the New York Post newspaper. As the first secretary of the treasury, Hamilton was the main author of the economic policies of George Washington's administration. He took the lead in the federal government's funding of the states' debts, as well as establishing the nation's first two de facto central banks, the Bank of North America and the First Bank of the United States, a system of tariffs, and friendly trade relations with Britain. His vision included a strong central government led by a vigorous executive branch, a strong commercial economy, government-controlled banks, support for manufacturing, and a strong military.