Alexander Hamilton – Bank of New York

Kossi Atchrimi

History 20

Research paper

Alexander Hamilton-The Bank of New York
dudeAccording to “Alexander Hamilton A Concise Biography” by Broadus Mitchell Alexander Hamilton was Born in Charleston, on the Island of Nevis, in the West Indies sometime around 1755 and 1757, and is considered as one of the most influential people in the American History. Alexander Hamilton was the leader and the most eloquent spokesman of the first American political party, the Federalist. First, this research paper will focus on the legacy of his action during the American first market crash in 1792 as the first Secretary of Treasury. Also the research will focus on his large contribution in the ratification of the U.S Constitution and to the establishment of strong government as delegate from New York. And finally the research will illustrate Alexander Hamilton as a pioneer in the idea of a creation of U.S central bank in New York, which was named New York Bank and what New Yorkers think about Alexander Hamilton.

Alexander Hamilton was one of the most influential America founding fathers. Born in a poor family in Charleston around 1755 and 1757, he climbed the rungs to become one of the important people who put their cornerstone in the building of this great America. Alexander was involved in many different fields such as military, literature, economic and politic to list only a few. In about 49 years Alexander Hamilton lived before his tragic death in 1804, he left an indelible ink in the history of United States. In 1774, he entered King’s college, the actual Columbia University in New York City. Interesting in the fight of Americans freedom from their colons British, he voluntary enrolled in the military in 1775 and became captain in 1776. In 1777, his troop overcame the British troop in the area around Nassau Hall. This victory gained him a recognition from the President George Washington who made him a lieutenant colonel and aide-de-camp in March 1st 1777. Alexander Hamilton became very close to George Washington and almost as his body-guard. At the Continental Convention in 1787 in Philadelphia Hamilton was one of three New York State delegates. Hamilton opposed the idea of States rights and proposed a strong federal government. There was born his idea in the creation of Federalist political party of which he will become the leader. In 1789 Alexander Hamilton faced the first US economic crash as the first U.S Secretary of Treasury. To solve the problem and to prevent a future economic crisis, Alexandra proposed the creation of a strong federal bank. bui This central bank was created in New York City in the place Bank of New York founded by Hamilton in March 9th, 1784. Why Hamilton Alexander chose to install the bank in New York regardless the critics that the federal bank should install the Nation’s Capital? Before the Declaration of Independence till the year the bank was created, New York, notably New York City had been a central commercial power. Goods from several Southern and inner States transit in New York City which made city the city of money power. Thus, for Hamilton the bank will well run in New York more than anywhere else in the country. The bank was opened in 1784 with the $500,000 which was a very important sum at that time. The bank was located at 42 Wall street where it till standing today. But the name changed to Bank of New York Mellon or BNY Mellon. The Bank of New York customers were mostly prominent white business men, political elected officials and corporations. The bank still operation today as a corporate financial bank. Alexander‘s works were and still be glorify by New Yorkers and Americans as all. For people who live in New York State and especially in New York City, Alexander Hamilton was not only a founding father, but also the person who gave the U.S economic power to New York City by implanting the seed of Wall Street from the Bank of New York.  In 1804 Alexander Hamilton died under the bullet in a duel with of his longtime political enemy Burr.

The founding of the Bank of New York by Alexander Hamilton was great idea which sparked the U.S financial system.  Through this bank many others were created till the hundred banks we have today. Alexander Hamilton was a very influential person in the political and economic development of the United States. If there is question that we will ask him if he didn’t died under the bullet of Burr, is why he did take his confrontation with Burr before legal judicial party or to legally sued Burr, and he accepted the bloody duel. Despite his tragic and early death, Alexander Hamilton still in the memory of Americans people as one of valorous people in the American history and in the construction of this great Nation.

Bibliography

Mitchell, Broadus. “Alexander Hamilton A Concise Biography”. New York: Barnes & Noble, 1999. Print.

In this book, the author brings a fresh perspective to the controversial Alexander Hamilton, Who became one of the chief architects of the American nation. Born in a poor family, A. Hamilton went from step to step to become one of most influential people in the American history and the first USA Secretary of Treasury.

Choffman, Elliott W. “Alexander Hamilton (Book).” Library Journal 107.6 (1982): 631. Academic Search Complete. Web. 16 Apr. 2013.

The short life of Alexander Hamilton was not synonym few work. In the 42 years Hamilton did a lot of    work which influence the political view of American people. This article emphasizes notably in his religious and political life.

Sylla, Richard, Robert E. Wright, and David J. Cowen. “Alexander Hamilton, Central Banker: Crisis Management During The U.S. Financial Panic Of 1792.” Business History   Review 83.1 (2009): 61-86. Academic Search Complete. Web. 16 Apr. 2013.

This article reminds me the great action Alexander Hamilton took during the first American financial market crash in 1792. As Secretary of Treasury, Hamilton stepped in to create central bank which will help solve future financial crisis.

Morris, Richard B. “Alexander Hamilton”. Columbia University. Encyclopedia of American History, Seventh Edition,1996.

This article is a brief history about the life of Alexander Hamilton from his birth till his tragic death during a duel with his political Aaron Burr.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s