Was the National Bank a Precursor to the Federal Reserve?

Human Action and God

Many seem to think so, especially the Federal Reserve. However, Richard Salsman at Duke University doesn’t agree:

Hamilton’s proposed “Bank of the United States” was to be a national bank, but not a central bank in the modern sense of a banker to government, or a bank that issues a monopoly fiat money, controls system reserves, and at root is beholden to the government that sponsors it and makes sure it underwrites (monetizes) and trades its own debt securities, the more so as more debt accumulates. For Hamilton the purpose of establishing a national bank was to asset the Treasury in collection and disbursing revenues (thus more easily servicing the nation debt) and to ensure that the national currency be gold-backed and that private banks issue their own currency by reference to the same uniform standard; above all, the national bank (what became the Bank of the United States…

View original post 58 more words

About jamesbradfordpate

My name is James Pate. This blog is about my journey. I read books. I watch movies and TV shows. I go to church. I try to find meaning. And, when I can’t do that, I just talk about stuff that I find interesting. I have degrees in fields of religious studies. I have an M.Phil. in the History of Biblical Interpretation from Hebrew Union College in Cincinnati, Ohio. I also have an M.A. in Hebrew Bible from Jewish Theological Seminary, an M.Div. from Harvard Divinity School, and a B.A. from DePauw University.
This entry was posted in Uncategorized. Bookmark the permalink.