Sunday, April 17, 2016

BREAKING A Despicable Decision: Hamilton Will Stay on the $10 Bill; Jackson Will Be Booted From the $20 Bill

Treasury Secretary Jack Lew is expected to announce this week that Alexander Hamilton's face will remain on the front of the $10 bill and a woman will replace Andrew Jackson on the face of the $20 bill, a senior government source told CNN on Saturday.

When it was originally announced that Hamilton would be replaced by a woman, the statist banking crowd, led by Ben Bernanke, roared in outrage. The statists know their history. It was Hamilton, who from the early days of the nation clamored for a central bank and a strong interventionist federal government.

I have quoted Thomas DiLorenzo on the evil Hamilton before:
The current economic crisis is the inevitable consequence of what I call Hamilton’s Curse in my new book of that name. It is the legacy of Alexander Hamilton and his political, economic, and constitutional philosophy. As George Will once wrote, Americans are fond of quoting Jefferson, but we live in Hamilton’s country.

The great debate between Hamilton and Jefferson over the purpose of government, which animates American politics to this day, was very much about economic policy. Hamilton was a compulsive statist who wanted to bring the corrupt British mercantilist system — the very system the American Revolution was fought to escape from — to America. He fought fiercely for his program of corporate welfare, protectionist tariffs, public debt, pervasive taxation, and a central bank run by politicians and their appointees out of the nation’s capital....

Hamilton complained to George Washington that "we need a government of more energy" and expressed disgust over "an excessive concern for liberty in public men"...

Hamilton was neither the inventor of capitalism in America nor "the prophet of the capitalist revolution in America," as biographer Ron Chernow ludicrously asserts. He was the instigator of "crony capitalism," or government primarily for the benefit of the well-connected business class. Far from advocating capitalism, Hamilton was "befogged in the mists of mercantilism" according to the great late nineteenth century sociologist William Graham Sumner....

When Hamilton and George Washington led some 15,000 conscripts into Pennsylvania to enforce the hated whiskey tax, the purpose was not only to collect the tax and reassure bondholders, but also to send a message to any future tax resisters....

James Madison remarked that this episode revealed Hamilton’s agenda of "the glories of a United States woven together by a system of tax collectors."

The Philadelphie Federal Reserve publication. A History of Central Banking in America, reports:
Alexander Hamilton, the first Secretary of the Treasury, urged Congress to also assume the war debts of the individual states and then create a national bank to help refinance all these debts. Hamilton’s proposal faced major opposition. Critics said that Hamilton’s bank was unconstitutional, would be a monopoly, and would reduce the power of the states. Although Hamilton won, the bank’s charter was limited to 20 years.
It's not surprising that Jackson will be booted. He was a populist and was against the United States having a national bank. 

Here's the History Channel on Jackson's battle against a national bank:



  1. Jackson would probably love being off the Federal Reserve Note. Wouldn't want his name associated with a central bank and fiat currency.

  2. With me being part Cherokee it don't hurt my feelings none that Jackson is gonna be gone,after all he is one who forced my ancestors away from our lands an on the trail of tears,