Alexander Hamilton Quotes
Who can pretend that commercial imposts are, or would be, alone equal to the present and future exigencies of the Union?
“Commercial imposts” are customs duties. These actually provided virtually all of the tax revenue for the early American nation. Hamilton, realized, and prepared those who would ratify the Constitution that there would have to be additional forms of revenue of the growing nation. Nonetheless, there are a few today who argue that the customs duties are the only legitimate form of Federal taxation as that was what was in existence in early America. This quotation shows that the founding fathers did not intend that the nation be bound to that single mode of taxation.
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), The Federalist Number 30
Sourced by: Eigen's Political and Historical Quotations
Although the Professor was often right about this technique, at the time he made this statement, the Clinton administration was actually cutting spending and using much of the revenue to pay for the deficit—just the opposite of what the Professor was worried about. It was successful and the deficit was eliminated and surpluses were projected. However the succeeding administration more closely followed the professor’s pattern and increased spending enormously for serious needs, but also cut taxes, so that we went during the Bush administration from the largest projected surplus in American history to the greatest deficit in American history.
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.
