Alexander Hamilton is known as the champion of a strong Federal Government. His letters on the Constitution, published under the pseudonym “Publius”, were published in New York newspapers and helped sway the state of New York into embracing the new government.
But Hamilton had a dark side. His desire to consolidate power led to the creation of the First National Bank of the United States. History has shown that where there is a monopoly on economic power, there will also be a monopoly on political power.
The First National Bank was that economic monopoly. Even more dangerous, was the fact that the bank itself was privately owned and a “for profit” business for those that were wealthy enough to control its stock. The US Government was only permitted to hold 20% ownership in the bank. Foreign entities could also own stock. Although they were denied voting rights, they would act through their American proxies, like Hamilton, to make sure their interests went forward.
Acting as the tax collection agent for the Federal Government, the bank further empowered itself to issue currency by leveraging the deposits placed on its books. The primary source of revenue for the Federal Government was taxes on imports, or tariffs. Thus the First National Bank dominated the new nation’s port cities and enriched itself using government tax revenues. These deposits were leveraged into debt instruments that generated unlimited wealth for the bank’s private owners/
The Central Bank existed primarily to profit a small group of Financial Elitists, whose interests were global in scope.
If Hamilton had proposed that 100% of the Bank stock were to be owned by the Federal Government, than only the people of the United States would have been the beneficiaries. and the bank would have led to 200+ years of American Prosperity.
The current Federal Reserve Bank is also privately owned and exists to increase the power of the .001 % of the population. This is Hamilton’s legacy. One that even he would be ashamed of were he alive today.