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Alexander Hamilton's Financial Plan

Updated on April 28, 2012

Alexander Hamilton

Alexander Hamilton and His Financial Plan

(I wrote this from Alexander Hamilton's point of view. Enjoy!)

July 12, 1789

Dear Journal,

I have, not to long ago been appointed Secretary of Treasury by President Washington, and as I expected, it has not started off easy. My financial proposal; to pay off the national debt, establish protective tariffs, and create a National bank; is being fiercely debated. These Anti-Federalists claim it will take the power from the states and give it to the federal government! Damn them and the power! This plan will not limit any power the states have! Yes, it will strengthen the central government and the economy, but this does not mean that states shall have more limited rights due to this. I curse

Mr. Jefferson and his inability to see this. He argues that this plan shall only benefit the rich, at the cost of the farmers. But I wish he could see that by this plan benefiting the merchants, it shall benefit the farmers, who depend on their income from the merchants, considering they sell their crop yields to them. These two figures are dependent on each other, and benefiting one will benefit the other. Moreover, I can not even begin to discuss my annoyance with Mr. Jefferson, and his apparent disability to understand the Constitution! It is clearly stated that the Constitution gives Congress the right to establish a National Bank, it states that “The Congress shall have the Power to …make all Laws which shall be necessary and proper…” …to which I say, that, this bank is necessary, for we can not revert to our old ways of handling financial dilemmas. And this bank is proper, for securing the future of this economy. Is Mr. Jefferson so blind as to not see this simple fact? I believe I will soon persuade Mr. Jefferson, to come through (as reluctantly as he may) if the compromise of relocating the capital in Virginia, along the Potomac, shall be reached. I hope it shall, for I see no other way of changing a stubborn man.

Alexander Hamilton

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