Alexander Hamilton

Alexander Hamilton (1755 or 1757–1804) was an American statesman who served as the first U.S. secretary of the treasury and helped establish the federal financial system.

Report on Public Credit: Alexander Hamilton’s 1790 proposal for federal assumption and funding of public debts. It laid out the debt policy that anchored his program for national credit.
George Washington: The commander of the Continental Army and first president of the United States. Washington appointed Hamilton treasury secretary and relied on him as a close adviser.
Nevis: An island in the Caribbean that was part of the British Leeward Islands during Hamilton’s youth. Hamilton was born on Nevis and spent part of his childhood in the Caribbean.
Funding Act of 1790: A federal law that funded national debt at face value and established interest payments. It translated Hamilton’s credit plan into a federal commitment to repay public securities.
Jeffersonian democracy: A political tradition associated with Thomas Jefferson that favored agrarian independence and limited federal power. It opposed Hamilton’s preference for centralized authority, public credit, and commercial development.
First Bank of the United States: A federally chartered bank that operated from 1791 to 1811. Hamilton designed it to stabilize federal finance and support a national currency.
Thomas Jefferson: An American statesman who served as the third president of the United States. Jefferson opposed Hamilton’s centralizing financial program and became his leading cabinet rival.
American Revolutionary War: A war from 1775 to 1783 in which thirteen British colonies won independence. Hamilton’s military service during the conflict launched his national career.
Assumption of state debts: The federal government’s 1790 policy of taking responsibility for debts states incurred during the Revolution. Hamilton argued assumption would bind creditors and states to the national government.
Strict constructionism: An approach to constitutional interpretation that limits federal power to expressly granted authority. Hamilton’s broad reading of federal powers conflicted with this position.

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