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👉 Second Report on Public Credit in the context of Hamiltonian economic program

In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term. They outlined a coherent program of national mercantilism government-assisted economic development.

First Report on the Public Credit – pertaining to the assumption of federal and state debts and finance of the United States government (1790). Hamilton included his plan to tax distilled spirits among other domestic goods to boost revenue. He thought that a tax on spirits would be the least objectionable way to make money, as it could be philosophically equated to a pigouvian or sin tax. However, his new tax set off the Whiskey Rebellion which highlighted separation in social classes as rural Pennsylvanian farmers fought against the government. Eventually, the tax was repealed, but the incident greatly emphasized the government's willingness and ability to suppress violent resistance to its laws.
Second Report on Public Credit – pertaining to the establishment of a national bank (1790)
Report on Manufactures – pertaining to the policies to be followed to encourage manufacturing and industry in the United States (1791)
Report on a Plan for the Further Support of Public Credit – pertaining to how to deal with the system of public credit after Hamilton's resignation, including complete extinguishment of the public debt (1795)

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Second Report on Public Credit in the context of Second Bank of the United States

The Second Bank of the United States was the second federally authorized Hamiltonian national bank in the United States. Located in Philadelphia, Pennsylvania, the bank was chartered from February 1816 to January 1836. The bank's formal name, according to section 9 of its charter as passed by Congress, was "The President, Directors, and Company, of the Bank of the United States". While other banks in the US were chartered by and only allowed to have branches in a single state, it was authorized to have branches in multiple states and lend money to the US government.

A private corporation with public duties, the bank handled all fiscal transactions for the U.S. government, and was accountable to Congress and the U.S. Treasury. Twenty percent of its capital was owned by the federal government, the bank's single largest stockholder. Four thousand private investors held 80 percent of the bank's capital, including three thousand Europeans. The bulk of the stocks were held by a few hundred wealthy Americans. In its time, the institution was the largest monied corporation in the world.

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Second Report on Public Credit in the context of "Hamiltonian economic program"

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👉 Second Report on Public Credit in the context of Hamiltonian economic program

Second Report on Public Credit in the context of Second Bank of the United States