: Alexander Hamilton
: The Works of Alexander Hamilton: Volume 3
: Krill Press
: 9781518309618
: 1
: CHF 1.10
:
: Geschichte
: English
: 531
: DRM
: PC/MAC/eReader/Tablet
: ePUB
Unfor unately, 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 theFederalist Papers. TheFederalist Paperssought 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'sWorks: Volume 3 includes his writings on Taxation and the argument over a National Bank. 

NUMBER FOUR


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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 theholder, either in capacity of assignee or bearer, far the greatest part of the latter description. The contract, therefore, was, in its veryissue, 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