Tuesday, July 1, 2014

Philadelphia American Revolution Conference


This is the First Bank of the United States.  Alexander Hamilton, the Bank's main proponent, believed that a central banking system was an essential part of improving the nation's finances and establishing international credit.  Thomas Jefferson, the Bank's main opponent, believed that turning over the nation's finances to a cabal of private bankers was dangerous and would eventually lead the nation down the road to ruin.  Ultimately, a compromise was struck.  Jefferson agreed to support the Bank.  In exchange, Hamilton promised to use his considerable influence to move the future permanent American capital city to a location in the South.  This is why the US capital moved from Philadelphia to the current site of Washington, DC in 1800. 






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