1790 JEFFERSON AND HAMILTON CLASH OVER CENTRAL BANK

The proposed Bank of the United States is to be a Central Bank with a 20-year charter. It is the brainchild of New York banker Alexander Hamilton. Hamilton, born in the British West Indies and educated in a Jewish school there (7), is an agent of the New York-London moneylenders. Hamilton had previously founded the Bank of New York in 1784. As President Washington’s Treasury Secretary, Hamilton clashes with Secretary of State Thomas Jefferson. Hamilton and the New York bankers believe in strong central government and debt-based central banking and currency issue. Virginians Jefferson, James Madison (father of the Constitution) and the southern agricultural class believe in decentralized government and local banking. The roots of the future American Civil War can be traced, in part, to the Jefferson-Hamilton feud.
Jefferson argues that centralization of power away from private mints and banks is unconstitutional and dangerous. He wrote: “…banking establishments are more dangerous than standing armies.” (8) The New Yorker Hamilton argues that if the nation is to grow, it needs a standard coinage supported by a Central Bank and excise tax.

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