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Unformatted text preview: After he succeeded in clearing his program on the national debt through Congress, Hamilton turned to the urgent matter of the banking problem. Since his early days as a New York Assemblyman, Hamilton had advocated that a new national bank should be created to control the nation's wealth and finances. Now, as the head of the national treasury, Hamilton had more political weight, and in 1790 he presented a proposal to Congress to create a National Bank with one central branch and several regional branches throughout the country. The total initial worth of the bank would be ten million dollars, and capital would be exchanged for shares sold to the public. Although the National Bank would be independent from the government, Hamilton's plan also stipulated that the federal government would hold one fifth of the bank's total stock. Furthermore, the directors of the bank would be required to submit weekly transaction...
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This note was uploaded on 12/26/2011 for the course HIST 101 taught by Professor Womer during the Fall '08 term at Texas State.
- Fall '08