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

Advertisements

About jamesbradfordpate

My name is James Pate. I study the History of Biblical Interpretation at Hebrew Union College in Cincinnati, Ohio, as part of its Ph.D. program. I 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 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.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s