Banks and Parties

Discussion in 'Economy' started by PoliticalChic, Jan 20, 2011.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    This was the day, January 20, 1791 that a bill to charter the Bank of the United States for twenty years was passed by the Senate.

    Disagreement about its constitutionality was to create the first political parties. The farmers of the South were debtors by nature, while business interests of the North were encouraged by the fiscal policies of a bank. Many questioned whether the Constitution allowed a central bank , including Madison. (Madison- who also wrote in the Federalist, 44, “wherever the end is required, the means are authorized”), while Hamilton turned to article I, section 8 which gives the Congress the right to pass any legislation deemed “necessary and proper” to exercise listed powers.

    On February 8, the House passed the bank bill, 39 to 20. Washington’s Attorney-General, Edmond Randolph of Virginia, felt that the Bank was unconstitutional, and Jefferson, feeling that only the state could charter a bank, actually suggested any person acting for a central bank shall be adjudged guilty of high treason and suffer death accordingly by state courts.

    Hamilton won, and [B]Washington signed the bill [/B]on February 25th, and the Bank allowed the government to implement four powers cited in the Constitution: collect taxes, borrow money, regulate trade among the states and support fleets and armies.

    President Jefferson’s opposition to the Second Bank of the United States was a determining factor in the War of 1812, as Nathan Rothschild had insisted on it. By 1792, Hamilton’s supporters (banking and merchant interests in New England and along the seaboard, mainly Congregationalists and Episcopalians) became known as Federalists. Jefferson, Madison and their supporters (Southern planters and farmers, often Baptists and Methodists), many states-rightists, became Democratic-Republicans.

    The former emphasized the executive branch, the latter the legislative. Hamilton was pro-British, Jefferson opposed the British.
     
  2. Intense
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    Intense Senior Member

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  3. william the wie
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    william the wie Gold Member

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    A central bank is designed to finance wars and the first one was developed by the Netherlands to finance its war of independence. The Dutch king William, of William and Mary fame in English speaking nations, imported the idea into England. In both cases it really helped to finance imperial wars. So, I think the real question is whether the Fed should be part of the defense department.
     
  4. zzzz
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    zzzz Just a regular American

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    In reality we have a federal bank now, called the Federal Reserve System. I wonder how old Alexander Hamilton would like how it turned out!
     
  5. PoliticalChic
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    PoliticalChic Diamond Member

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    Well, conjecture is he coin of the realm in this venue, Z...how do you think he would view it?
     
  6. zzzz
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    zzzz Just a regular American

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    I think he would be calling for a federal takeover of all the banks. Nationalizing them under the Secretary of Treasury. He was always for a strong central government and today he would be a Democrat. Funny but the Republican party at its inception worshipped Hamilton, yet today they would be calling him a traitor.
     
  7. Intense
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    Intense Senior Member

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    He was a lying scheming Asshole from the start, Fucking Totalitarian.
     

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