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Unformatted text preview: When George Washington became the first President of the United States in 1790, he selected Alexander Hamilton to be his first Secretary of the Treasury. Although Hamilton served in Washington's cabinet for only five years, many historians regard him as the greatest and most influential Secretary of the Treasury in U.S. history. As Secretary, Hamilton wrote five key reports that established American economic policy. The first and last of these reports were his Reports on the Public Credit in which Hamilton argued that the United States government should assume the debts of all the state governments. Hamilton also encouraged Congress to pay the interest on the debts the country owed, not just the principle. He believed that these measures would give credibility and stability to the American economic system. Hamilton also wrote a report to convince Congress to establish a national bank to control the country's finances, and...
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This note was uploaded on 12/25/2011 for the course ART 101 taught by Professor Staff during the Fall '11 term at Texas State.
- Fall '11