Posts Tagged ‘Check written by John Jacob Astor in 1792’

Hamilton was convinced that unless the U.S. got its monetary house in order, it would fail as a country. Goal one was to bring financial order to the U.S. economy. After the War for Independence ended, each state was chartering banks, and there were no standardized rules for their charters, reserves, or how they operated. Hamilton wanted the Federal bank at the top of the financial pyramid with the state banks one level down.