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Banking Controversy

Banking Controversy - Hayes Ryan Hayes Professor Jackson...

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Hayes Ryan Hayes Professor Jackson HST 111 21 March 2009 The Political Controversy Concerning the Banks Everywhere you look, there are banks everywhere. Just walk down the street, and there will probably be a bank in the corner. Today, even though banks are struggling, they are still the lifeblood of our country. However, before America became a super power, there were doubts and fights over having a bank. From the time of Alexander Hamilton to just after Jackson’s presidency, this battle for the banks continued. The differences between Hamilton and Jefferson, the different points of view of the North and the South, a couple of major events in between 1791 and 1832, and Jackson’s presidency caused this controversy. The banks were such a battlefield because of the stereotype of being corrupt, and many future leaders had different viewpoints of America, which could have included or minimized the banks. In Alexander Hamilton and the Idea of Republican Government , Gerald Stourzh explains how Hamilton helped America become what it is today. Gerald Stourzh is a professor at the University of Vienna. He is the author of several books in English and German . In his novel, he explains what ideas Hamilton had for the prosperity of our nation. For example, Hamilton explains his feels on who should be prosperous: Alexander Hamilton firmly rejoined this tradition when he told the New York Ratifying Convention: “Look through the rich and the poor of the community; the learned and the ignorant. Where does virtue predominate? The difference indeed consists, not in the quantity but kind of vices, which are incident to the various classes; and here the advantage of character belongs to the wealthy. Their vices are probably more favorable to the prosperity of the state than those of indigent; and partake less of moral depravity.
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Hayes His interpretation of who deserves the power of prosperity is controversial because at this time, most people worked in the farmlands, especially in the south. He felt that banks and trading were a necessary change in order for the United States to grow. And if Hamilton thought that for the time being the United States was still pre- dominantly an agricultural country, he felt a change both inevitable and desirable… “If we mean to be a commercial people, it must form a part of our policy, to be able one day to defend that commerce .” With trading on his mind, Hamilton needed a national bank. “a nation without a national government is, in my view, an awful spectacle”. After realizing what Hamilton’s viewpoints were, people can see that this would lead to arguments over the bank. The next novel, Hamilton, Adams, and Jefferson by Darren Staloff, leads us to the question of why many people were opposed to Hamilton’s new ideas. Darren is an Associate Professor of History at the City College of New York and the Graduate Center of the City University of New York. He received his B.A. from Columbia College and his M.A., M.Phil., and Ph.D. from Columbia
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Banking Controversy - Hayes Ryan Hayes Professor Jackson...

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