Second Report on Public Credit
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The Second Report on Public Credit was the second report of three major reports on economic policy issued by Founding Father of the United States and first United States Treasury Secretary Alexander Hamilton on the request of Congress for consideration on establishing a national banking system with the creation of the Bank of the United States; privately operated but owned in part by the government.Although the democratic-republicans denounced "speculation", Hamilton's program had strong positive effects on the economy. The creation of paper securities created liquid wealth that could be moved…mehr

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The Second Report on Public Credit was the second report of three major reports on economic policy issued by Founding Father of the United States and first United States Treasury Secretary Alexander Hamilton on the request of Congress for consideration on establishing a national banking system with the creation of the Bank of the United States; privately operated but owned in part by the government.Although the democratic-republicans denounced "speculation", Hamilton's program had strong positive effects on the economy. The creation of paper securities created liquid wealth that could be moved by entrepreneurs to the areas of fastest growth; they also attracted much needed European investment. The securities provided collateral for loans which were used to invest in new turnpikes, bridges, canals, steamboats, mines, mills, factories and international trade. The economy flourished in the 1790s; exports, for example, tripled in value from 1791 ($19 million) to 1796 ($67 million), with most carried in American ships.