bonds. At the same time, he admitted that speculative abuses are “an occasional ill, incident to a general good,” that did not outweigh the overall advantages of bank lending: “If the abuses of a beneficial thing are to determine its condemnation, there is scarcely a source of public prosperity which will not speedily be closed.”14 Given the speculative mania about to break out, Hamilton’s candor about it should be emphasized: “If banks, in spite of every precaution, are sometimes betrayed into giving a false credit to the persons described, they more frequently enable honest and industrious men of small or perhaps of no capital to undertake and prosecute business with advantage to themselves and to the community.”15 Chernow, Ron. Alexander Hamilton (p. 350). Penguin Publishing Group. Kindle Edition.

— Hamilton on banking  

  • Save this Post to Scrapbook

Leave a Reply

Your email address will not be published. Required fields are marked *