Bank Capital England Hamilton Trust

Posted on December 20, 2011 by Admin
Bank Capital England Hamilton Trust

Bank Capital England Hamilton Trust

Alexander Hamilton was one of the most influential figures in shaping the United States. After helping convince the states to ratify the Constitution, Hamilton was appointed by President George Washington to become the nation’s first Treasury secretary. In this position, Hamilton issued a series of reports that moved U.S. economic policy and constitutional interpretation in the direction that is largely followed today.

Report on the Public Credit

Hamilton’s first report to Congress included a proposal in which the federal government would absorb all state debts incurred during the War for Independence. Since the war was fought mostly in the North, this meant that southern states would help finance the debt of northern states. Congressmen whose states had no debt argued that they should not have to pay debts of other states. They also argued that there was no provision in the Constitution for such a plan.

Hamilton set a precedent by arguing that assuming state debts was an "implied power" of the federal government, even though it was not among the enumerated powers in the Constitution. This notion of "implied powers" has been applied many times through the years, including today.