Hamilton The Works of Alexander Hamilton: Volume 3

1. Auflage 2015
ISBN: 978-1-5183-0961-8
Verlag: Krill Press
Format: EPUB
Kopierschutz: 0 - No protection

E-Book, Englisch, 531 Seiten

Unfortunately, one of the best known aspects of Alexander Hamilton's (1755-1804) life is the manner in which he died, being shot and killed in a famous duel with Aaron Burr in 1804. But Hamilton became one of the most instrumental Founding Fathers of the United States in that time, not only in helping draft and gain support for the U.S. Constitution but in also leading the Federalist party and building the institutions of the young federal government as Washington's Secretary of Treasury.


Hamilton is also well remembered for his authorship, along with John Jay and James Madison, of the Federalist Papers. The Federalist Papers sought to rally support for the Constitution's approval when those three anonymously wrote them, but for readers and scholars today they also help us get into the mindset of the Founding Fathers, including the 'Father of the Constitution' himself. They also help demonstrate how men of vastly different political ideologies came to accept the same Constitution.


Hamilton was a prominent politician and a prolific writer who had his hand in everything from the Constitution, the Federalist Papers, and President Washington's speeches, as well as an influential voice in policy and the formation of initial political parties. His works were compiled into a giant 12 volume series by Henry Cabot, which included everything from his speeches to his private correspondence.  This edition of Hamilton's Works: Volume 3 includes his writings on Taxation and the argument over a National Bank. 

Autoren/Hrsg.

Hamilton, Alexander

Leseproben

NUMBER FOUR
.................. THE DEBT PROPER, OR THE original debt of the United States, in its primary sense, may be classed under four general heads: 1st, the old emissions of Continental money; 2d, the loan office debt, contracted for moneys lent to the government; 3d, the army debt, contracted for the pay and commutation of the army: 4th, the debt of the five great departments, as they are called in the resolution of Congress, being for services and supplies in the Marine Department, the Quartermaster’s, Commissary’s, Clothing, and Hospital Departments. Emanations from these were the registered debt, so denominated from new kinds of certificates issued by the Register of the Treasury in lieu of the former evidences. Indents of interest being a species of paper payable to bearer, which, by different resolutions of Congress, were issued on account of arrears of interest on the old debt. The new emission money is not added to the enumeration, because it was issued upon funds of the respective States, with only a guaranty of the United States, and falls, perhaps, most properly, in the class of State debts. Of this original debt, it appears by a statement of the Register of the Treasury, published Sept. 30, 1791,1 not less than $16,900,203 73 in its first concoction, belonged to citizens of the States from Pennsylvania to New Hampshire inclusively; the remaining belonging to States from Maryland to Georgia inclusively, in nearly the following proportions: to Maryland, $1,697,910 34; to Virginia, $1,024,104 26; to North Carolina, $28,994 75; to South Carolina, $299,109 88; to Georgia, $97,233 03. The reasons of this state of things are obvious. Until the year 1779 the principal theatre of the war had been in the States from Pennsylvania north; and after that period, to the close of it, the principal part of the enemy’s force remained stationary at New York, which obliged the keeping up in the same quarter large bodies of troops till the termination of the war. The natural consequence of this state of things was, that a very large proportion of the means for carrying on the war—men, money, and other supplies—were drawn from the States comprehended in the first division. They indeed possessed greater comparative resources than the more southern States, and with only the same degree of zeal could furnish more to the common cause. Obvious causes always conspire to occasion larger aids to be drawn from the vicinity of the war than from more distant parts of the country, and the main dependence of the United States being credit, a large debt was created in the scene from which the principal supplies came. The use of this statement of the original distribution of the debt will appear hereafter. A leading character of every part of the debt is, that it was in its origin made alienable. It was payable to the holder, either in capacity of assignee or bearer, far the greatest part of the latter description. The contract, therefore, was, in its very issue, a contract between the government and the actual holder. A considerable part of the debt was consequently alienated by the first proprietors at different periods, from its commencement down to the time of passing the funding act. But this has been much exaggerated, both as to the quantity alienated and as to the rates of alienation. The declamations on the subject have constantly represented far the greatest part of the debt in the hands of alienees, and have taken the lowest price at which it ever was in the market as the common standard of the alienation. The changes have been rung upon two shillings and sixpence in the pound, in all the arguments which have advocated a violation of the rights of the alienees. Neither the first nor the last supposition is true. As to the first point, namely, the quantity of the debt alienated, there are no documents by which it can be satisfactorily ascertained, which of course gives full scope to imagination. But there is an important fact which affords strong evidence that the quantity has always been much less considerable than has been supposed. In the year 1786 the State of New York passed a law permitting the holders of Continental securities to bring them in and receive in exchange for them State securities upon certain conditions, which were generally deemed for the advantage of the holders to accept. The same arrangement embraced an exchange of old State securities for new. In the event of this exchange, which was completed by the 1st of May, 1787, it appeared that about two thirds1 of the debt remained in the hands of the original proprietors. Alienations after this period…. It may be stated as a fact, that there always has prevailed in the States north of New York, a more firm confidence in an eventual provision for the debt than existed in that State; and it may be inferred that the alienation was still less in those States than in the State of New York. In Jersey and Pennsylvania, it is probable that the alienations were not more considerable in their degree than in New York. In Maryland they may be supposed to have been still less, on account of that State having made a better provision for its debt than any other, and having included in it Continental securities in the hands of its own citizens by an exchange of certificates. It is probable from information, though not certainly known, that a more considerable alienation in proportion had taken place in the States south of Maryland. But making all due allowance for this, and taking into the account that the principal part of the debt was originally owned from Pennsylvania north, the probability still is, that the progress of alienation has been much less rapid than has been conjectured. Nothing is more natural than a mistake on this point. The dealers in the debt in the principal cities appeared to be continually engaged in buying and selling large sums; and it has not been their fault generally, to underrate the extent of their dealings. Thence it came to be imagined that the whole debt, or the greatest part of it, was in the market; whereas a small sum comparatively was sufficient to satisfy all the appearances. Bandied incessantly from hand to hand, a few hundred thousand dollars appeared like as many millions. The best inquiries on the subject will lead to an opinion that there never was, prior to the funding system, three millions of dollars of floating debt in all the great stock markets of the United States. And the whole sum which had been acquired by foreigners, was about ———. From all which it is very questionable whether one third of the debt in the hands of alienees at the time when Congress began to deliberate concerning a provision for it would not be an ample allowance. With regard to the terms of alienation, they have varied from 20s. down to 2s. 6d. in the pound. There are several considerable classes of alienees, who hold the debt at full or high values: I. Those who advanced moneys or furnished supplies to public officers upon loan-office certificates, issued to those officers in their own names. An example of this exists in the cases of purchases made during the war by public officers. Warrants from the Treasury would frequently be drawn in their favor upon the commissioners of loans, who would often furnish loan-office certificates in their own names in payment of those warrants. For these certificates the officers would sometimes procure the current paper in exchange, and would transfer the certificates to those who advanced the money. In other cases they would pay for supplies in the certificates themselves, which they would in like manner transfer. This is a very extensive case. II. Those whose money has been placed in the funds by trustees or agents, who took out certificates in their own names, and afterwards assigned them to the true proprietors. An instance of this was mentioned in the debates in Congress on the subject of a discrimination between original and present holders, and can be ascertained by any one who will take the pains to inquire. It was that of a Mr. Caldwell, a respectable clergyman and zealous patriot in New Jersey, who acted for some time during the war in the capacity of deputy quartermaster. In that capacity he frequently had money to pay to individuals, which, at their desire, he would place in the loan-office for them, take certificates in his own name, and afterwards transfer them to the persons whose money he had deposited. There are likewise instances, not a few, of trustees and agents for absent persons and minors, who placed the moneys of those whom they represented in the loan-offices, took out certificates in their own names, and afterwards transferred them to the parties entitled. III. Those who, by laws of particular States, were compelled to take certificates at the full value in payment of debts. A law of the State of New York, passed in the year ———, obliged all persons who had resided within the British lines during the war to receive, in satisfaction of their debts from those who had been without the lines, certificates. IV. Those who, at different periods, voluntarily received certificates in payment of debts. This, in some States, is a very extensive case. From the precarious situation in which all persons were placed by the Revolution, whose property was merely personal, it was no uncommon thing for creditors to receive from their debtors certificates in payment of debts; and this was almost always at high values. Even since the peace,...