What Are Alexander Hamilton's Accomplishments

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Alexander Hamilton, the founding father of the American National Banking System. Hamilton is not only the most important people of the United State banking system; he's also the founder of the Federalist Party and the Father of the United State Cost Guard. In 1789, George Washington appointed Hamilton to be the first Treasury Sectary of the United State. Hamilton has many accomplishments throughout his life time. For example, he wrote many reports such as "First Report on the Public Credit", "Report on National Bank", "Report on the Establishment of a Mint", and "Report on Manufactures". But most importantly, in 1791 he created the First National Bank in the United State. The banking system in the United State has a long historical standing,…show more content…
The state chartered a large number of banks using widely different and insufficient standers, which lead to a patchwork of local banks issuing its own and different banknotes; this can also lead to the risks of non-diversification. This problem can also lead to the failure of banks, because sometime banks will realize they are holding worthless banknotes. In addition, the banks have no regulatory body to oversee them other than the state’s supervision, this also affects the banking system to be weak. On the other hand, there was an initiative on the federal level, lead by Hamilton and his followers to convenience congress to create a national bank. Hamilton wanted the Bank of England to be the model of the United States. In 1781, congress created the Bank of North America in Philadelphia, Pennsylvania. The goal of the bank was to be the father of a system of credit and paper circulation in the U.S., and to create a standardized currency throughout the nation. In 1791, congress gave First Bank of the United States a twenty years character to succeed the Bank of North America, but it did not get renewed in…show more content…
In 1927 the unemployment rate was 3.2%; by 1933 the rate increase to 25%. And people were merely unemployed – many were wiped out, many had lost a lifetime savings, many lost hope and may more lost hope in the financial system. As a result of the great crash, the contraction of the economy and the resultant unemployment of mass amounts of people banks failures became an epidemic. There are many reason why banks failed, but the simplest reason was because banks have lax standers of lending, and many borrowers are unable to pay back the loans. Many people were spooked by the Depression and they fear their banks would fail, so they want to take the deposits out of the bank as soon as possible. This action cause even more banks to
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