It is VERY IMPORTANT for AFRICAN LEADERSHIP to understand the role of CREDIT FOR ECONOMIC GROWTH, as put forth by Alexander Hamilton
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Celebrate Hamilton`s National Bank!
By Nancy Spannaus
December 7, 2021
—On December 13, 1790 U.S. Treasury Secretary Alexander Hamilton submitted his second report on public credit to the U.S. Congress, a report better known as the Report on the National Bank. This initiative, which was signed into law on February 25, 1791, proved to be a lifesaver for the country, bringing the nation out of bankruptcy, and serving as a tool to revive public credit, create the equivalent of a national currency, and provide capital for agriculture, manufacturing, and commerce.
Hamilton’s bank did not have its charter renewed, but national banks (and banking) based on its same principles have been revived again and again in our nation’s history. There was the Second National Bank, Lincoln’s national banking system (including greenbacks), and Franklin Roosevelt’s Reconstruction Finance Corporation. All featured the Federal government utilizing federal credit to stimulate economic growth in the physical economy of the entire country, from canals to railroads to some of the basic water and transportation infrastructure we rely on today.
It’s long past time we recognized the positive role of Hamilton’s national bank, and the principles upon which it is based. Indeed, let’s celebrate Hamilton’s National Bank by applying its principles today.
The Role of Public Credit
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