Despite initial reservations, George Washington eventually came to endorse the idea of a federal bank and played a leading role in its establishment. As with the Federalists, he recognized that the country needed a central financial institution that would enable it to pay the enormous debts accrued during the Revolutionary War. This would send out a message to the rest of the world that the United States was serious about how it conducted its financial affairs, and was now the equal of any nation.
Washington also understood that a new federal bank would be vital in loaning funds to businesses, helping them to grow and invest. This was an essential component of the Federalist vision which saw the United States as a trading, commercial nation rather than one dependent on agriculture. Not surprisingly, therefore, the establishment of the First National Bank proved immensely controversial, with the administration's Republican opponents claiming that it would invest too much power in the central government and blatantly promote the economic interests of banking, finance, and commerce at the expense of agriculture.
http://www.pbs.org/wgbh/americanexperience/features/establishing-national-bank/
Tuesday, June 10, 2014
How did George Washington feel about a national bank?
Subscribe to:
Post Comments (Atom)
Why is the fact that the Americans are helping the Russians important?
In the late author Tom Clancy’s first novel, The Hunt for Red October, the assistance rendered to the Russians by the United States is impor...
-
Friar Lawrence plays a significant role in Romeo and Juliet's fate and is responsible not only for secretly marrying the two lovers but ...
-
Resourceful: Phileas Fogg doesn't let unexpected obstacles deter him. For example, when the railroad tracks all of a sudden end in India...
-
Pablo Neruda's "Ode to My Socks" is full of figurative language, including similes and metaphors. Similes are figurative compa...
-
In the late author Tom Clancy’s first novel, The Hunt for Red October, the assistance rendered to the Russians by the United States is impor...
-
At the beginning of the Victorian period, science was generally in accord with religion, and the study of nature was conducted in such a way...
-
Evaluate $\displaystyle \int x^2 \cos mx dx$ by using Integration by parts. If we let $u = x^2$ and $dv = \cos mx dx$, then $d...
-
Touching Spirit Bear by Ben Mikaelsen is a coming-of-age story about a young man named Cole who undergoes a healing treatment on a deserted ...
No comments:
Post a Comment