Hamilton - Father of Wall Street
January 11, 2021Alexander Hamilton |
Alexander Hamilton, The Federalist, No. 1 and 2
Hamilton
organized the Treasury Department. He penned most of the Federalist
papers, which were greatly influential in bringing New York into the
Union - the first step toward its eminent position in national and
world finance.
For the Independent
Journal
The Federalist, No. I
By Alexander Hamilton
To the People of the
State of New York:
AFTER an unequivocal
experience of the inefficacy of the subsisting Federal Government,
you are called upon to deliverate on a new Constitution for the
United States of America. The subject speaks its own importance;
comprehending in its consequences, nothing less than the existence of
the UNION, the safety and welfare of the parts of which it is
composed, the fate of an empire, in many respects, the most
interesting in the world. It has been frequently remarked, that it
seems to have been reserved to the people of this country, by their
conduct and example, to decide the important question, whether
societies of men are really capable or not, of establishing good
government from reflection and choice, or whether they are forever
destined to depend, for their political constitutions, on accident
and force. If there be any truth in the remark, the crisis, at which
we are arrived, may with propriety be regarded as the area in which
that decision is to be made; and a wrong election of the part we
shall act, may, in this view, deserve to be considered as the general
misfortune of mankind.
This idea will add
the inducements of philanthropy to those of patriotism to heighten
the solicitude, which all considerate and good men must feel for the
event. Happy will it be if our choice should be directed by a
judicious estimate of our true interests, unperplexed and unbiased by
considerations not connected with the public good. But this is a
thing more ardently to be wished, than seriously to be expected. The
plan offered to our deliberations, affects too many particular
interest, innovates upon too many local institutions, not to involve
in its discussion a variety of objects foreign to its merits, and of
views, passions and prejudices little favorable to the discovery of
truth.
Among the most
formidable of the obstacles which the new Constitution will have to
encounter, may readily be distinguished the obvious interest of a
certain class of men in every State to resist all changes which may
hazard a diminution of the power, emolument and consequence of the
offices they hold under the State—establishments—and the
perverted ambition of another class of men, who will either hope to
aggrandize themselves by the confusion of their country, or will
flatter themselves with fairer prospects of elevation from the
subdivision of the empire into several partial confederacies, than
from its union under one Government.
It is not, however,
my design to dwell upon observations of this nature. I am well aware
that it would be disingenuous to resolve indiscriminately the
opposition of any set of men (merely because their situations might
subject them to suspicion) into interested or ambitious views: Candor
will oblige us to admit, that even such men may be actuated by
upright intentions; and it cannot be doubted, that much of the
opposition which has made its appearance, or may hereafter make its
appearance, will spring from sources, blameless at least, if not
respectable; the honest errors of minds led astray by preconceived
jealousies and fears. So numerous indeed and so powerful are the
causes, which serve to give a false bias to the judgment, that we,
upon many occasions, see wise and good men on the wrong as well as on
the right side of questions, of the first magnitude to society. This
circumstance, if duly attended to, would furnish a lesson of
moderation to those, who are ever so much persuaded of their being in
the right, in any controversy. And a further reason for caution, in
this respect, might be drawn from the reflection, that we are not
always sure, that those who advocate the truth are influenced by
purer principles than their antagonists. Ambition, avarice, personal
animosity, party opposition, and many other motives, not more
laudable than these, are apt to operate as well upon those who
support, as upon those who oppose, the right side of a question. Were
there not even these inducements to moderation, nothing could be more
ill—judged than that intolerant spirit, which has, at all times,
characterized political parties. For, in politics as in religion, it
is equally absurd to aim at making proselytes by fire and sword.
Heresies in either can rarely be cured by persecution.
And yet however
just these sentiments will be allowed to be, we have already
sufficient indications, that it will happen in this as in all former
cases of great national discussion. A torrent of angry and malignant
passions will be let loose. To judge from the conduct of the opposite
parties, we shall be led to conclude, that they will mutually hope to
evince the justness of their opinions, and to increase the number of
their converts by the loudness of their declamations, and the
bitterness of their invectives. An enlightened, zeal for the energy
and efficiency of government will be stigmatized, as the offspring of
a temper fond of despotic power, and hostile to the principles of
liberty. An over scrupulous jealousy of danger to the rights of the
people, which is more commonly the fault of the head than of the
heart, will be represented as mere pretence and artifice; the stale
bait for popularity at the expense of public good. It will be
forgotten, on the one hand, that jealousy is the usual concomitant of
violent love, and that the noble enthusiasm of liberty is too apt to
be infected with a spirit of narrow and illiberal distrust. On the
other hand, it will be equally forgotten, that the vigor of
Government is essential to the security of liberty; that, in the
contemplation of a sound and well—informed judgment, their interest
can never be separated; and that a dangerous ambition more often
lurks behind the specious mask of zeal for the rights of the people,
than under the forbidding appearance of zeal for the firmness and
efficiency of Government. History will teach us, that the former has
been found a much certain road to the introduction of despotism, than
the latter; and that of those men who have over turned the liberties
of republics the greatest number have begun their career, by paying
an obsequious court to the people; commencing Demagogues, and ending
Tyrants.
In the course of
the preceding observations I have had an eye, my Fellow—Citizens,
to putting you upon your guard against all attempts, from whatever
quarter, to influence your decision in a matter of the utmost moment
to your welfare by any impressions other than those which may result
from the evidence of truth. You will, no doubt, at the same time,
have collected from the general scope of them that they proceed from
a source not unfriendly to the new Constitution. Yes, my Countrymen,
I owe to you, that, after having given it an attentive consideration,
I am clearly of opinion, it is your interest to adopt it. I am
convinced, that this is the safest course for your liberty, your
dignity, and your happiness. I affect not reserves, which I do not
feel. I will amuse you with an appearance of deliberation, when I
have decided. I frankly acknowledge to you my convictions, and I will
freely lay before you the reasons on which they are founded. The
consciousness of good intentions disdains ambiguity. I shall not
however multiply professions on this head. My motives must remain in
the depository of my own breast: My arguments will be open to all,
and may be judged of by all. They shall at least be offered in a
spirit which will not disgrace the cause of truth.
I propose, in a
series of papers, to discuss the following interesting
particulars.—The utility of the UNION to your political
prosperity—The insufficiency of the present Confederation to
preserve that Union—The necessity of a Government at least equally
energetic with the one proposed, to the attainment of this object—The
conformity of the proposed Constitution to the true principles of
republican Government—Its analogy to your own State
Constitution—and lastly, The additional security which its adoption
will afford to the preservation of that species of Government, to
liberty, and to property.
In the progress of
this discussion, I shall endeavor to give a satisfactory answer to
all the objections which shall have made their appearance, that may
seem to have any claim to your attention.
It may perhaps be
thought superfluous to offer arguments to prove the utility of the
UNION, a point, no doubt, deeply engraved on the hearts of the great
body of the people in every State, and one, which it may be imagined,
has no adversaries. But the fact is, that we already hear it
whispered in the private circles of those who oppose the new
Constitution, that the Thirteen States are of too great extent for
any general system, and that we must of necessity, resort to separate
confederacies of distinct portions of the whole. This doctrine will,
in all probability, be gradually propagated, till it has votaries
enough to countenance an open avowal of it. For nothing can be more
evident, to those who are able to take an enlarged view of the
subject, than the alternative of an adoption of the new Constitution
or a dismemberment of the Union. It will, therefore, be of use to
begin by examining the advantages of that Union, the certain evils,
and the probable dangers, to which every State will be exposed from
its dissolution. This shall accordingly constitute the subject of my
next address.
Publius.
For the Independent
Journal
The Federalist, No. II
By John Jay
To the People of the
State of New York:
When the people of
America reflect that they are now called upon to decide a question,
which, in its consequences, must prove one of the most important,
that ever engaged their attention, the propriety of their taking a
very comprehensive, as well as a very serious, view of it, will be
evident.
Nothing is more
certain than the indispensable necessity of Government, and it is
equally undeniable, that whenever and however it is instituted, the
people must cede to it some of their natural rights, in order to vest
it with requisite powers. It is well worthy of consideration,
therefore, whether it would conduce more to the interest of the
people of America, that they should, to all general purposes, be one
nation, under one Federal Government, or that they should divide
themselves into separate confederacies, and give to the head of each,
the same kind of powers which they are advised to place in one
national Government.
It has until lately
been a received and uncontradicted opinion that the prosperity of the
people of America depended on their continuing firmly united, and the
wishes, prayers, and efforts of our best and wisest Citizens have
been constantly directed to that object. But Politicians now appear,
who insist that this opinion is erroneous, and that instead of
looking for safety and happiness in union, we ought to seek it in a
division of the States into distinct confederacies or sovereignties.
However extraordinary this new doctrine may appear, it nevertheless
has its advocates; and certain characters who were much opposed to it
formerly, are at present of the number. Whatever may be the arguments
or inducements which have wrought this change in the sentiments and
declarations of these Gentlemen, it certainly would not be wise in
the people at large to adopt these new political tenets without being
fully convinced that they are founded in truth and sound Policy.
It has often given
me pleasure to observe, that Independent America was not composed of
detached and distant territories, but that one connected, fertile,
wide—spreading country was the portion of our western sons of
liberty. Providence has in a particular manner blessed it with a
variety of soils and productions and watered it with innumerable
streams, for the delight and accommodation of its inhabitants. A
succession of navigable waters forms a kind of chain round its
borders, as if to bind it together; while the most noble rivers in
the world, running at convenient distances, present them with
highways for the easy communication of friendly aids, and the mutual
transportation and exchange of their various commodities.
With equal pleasure
I have as often taken notice, that Providence has been pleased to
give this one connected country, to one united people; a people
descended from the same ancestors, speaking the same language,
professing the same religion, attached to the same principles of
government, very similar in their manners and customs, and who, by
their joint counsels, arms and efforts, fighting side by side
throughout a long and bloody war, have nobly established their
general Liberty and Independence.
This country and
this people seem to have been made for each other, and it appears as
if it was the design of Providence, that an inheritance so proper and
convenient for a band of brethren, united to each other by the
strongest ties, should never be split into a number of unsocial,
jealous, and alien sovereignties.
Similar sentiments
have hitherto prevailed among all orders and denominations of men
among us. To all general purposes we have uniformly been one people;
each individual citizen everywhere enjoying the same national rights,
privileges, and protection. As a nation we have made peace and war:
as a nation we have vanquished our common enemies: as a nation we
have formed alliances and made treaties, and entered into various
compacts and conventions with foreign States.
A strong sense of
the value and blessings of Union induced the people, at a very early
period, to institute a Foederal Government to preserve and perpetuate
it. They formed it almost as soon as they had a political existence;
nay, at a time, when their habitations were in flames, when many of
their Citizens were bleeding, and when the progress of hostility and
desolation left little room for those calm and mature inquiries and
reflections, which must ever precede the formation of a wise and
well—balanced government for a free people. It is not to be
wondered at, that a Government instituted in times so inauspicious,
should on experiment be found greatly deficient and inadequate to the
purpose it was intended to answer.
This intelligent
people perceived and regretted these defects. Still continuing no
less attached to Union, than enamored of Liberty, they observed the
danger, which immediately threatened the former and more remotely the
latter; and being persuaded that ample security for both, could only
be found in a national Government more wisely framed, they, as with
one voice, convened the late Convention at Philadelphia, to take that
important subject under consideration.
This Convention,
composed of men who possessed the confidence of the people, and many
of whom had become highly distinguished by their patriotism, virtue,
and wisdom, in times which tried the minds and hearts of men,
undertook the arduous task. In the mild season of peace, with minds
unoccupied by other subjects, they passed many months in cool,
uninterrupted, and daily consultations, and finally, without having
been awed by power, or influenced by any passions except love for
their Country, they presented and recommended to the people the plan
produced by their joint and very unanimous councils.
Admit, for so is
the fact, that this plan is only recommended, not imposed, yet let
it be remembered, that it is neither recommended to blind
approbation, nor to blind reprobation; but to that sedate and
candid consideration, which the magnitude and importance of the
subject demand, and which it certainly ought to receive. But this,
(as was remarked in the foregoing number of this Paper,) is more to
be wished than expected, that it may be so considered and examined.
Experience on a former occasion teaches us not to be too sanguine in
such hopes. It is not yet forgotten, that well grounded apprehensions
of imminent danger induced the people of America to form the
Memorable Congress of 1774. That Body recommended certain measures to
their Constituents, and the event proved their wisdom; yet it is
fresh in our memories how soon the Press began to teem with Pamphlets
and weekly Papers against those very measures. Not only many of the
Officers of Government, who obeyed the dictates of personal interest,
but others, from a mistaken estimate of consequences, or the undue
influence of former attachments, or whose ambition aimed at objects
which did not correspond with the public good, were indefatigable in
their endeavors to persuade the people to reject the advice of that
Patriotic Congress. Many indeed were deceived and deluded, but the
great majority of the people reasoned and decided judiciously; and
happy they are in reflecting that they did so.
They considered
that the Congress was composed of many wise and experienced men. That
being convened from different parts of the country they brought with
them and communicated to each other a variety of useful information.
That in the course of the time they passed together in inquiring into
and discussing the true interests of their country, they must have
acquired very accurate knowledge on that head. That they were
individually interested in the public liberty and prosperity, and
therefore that it was not less their inclination that their duty, to
recommend only such measures as after the most mature deliberation
they really thought prudent and advisable.
These and similar
considerations then induced the people to rely greatly on the
judgment and integrity of the Congress; and they took their advice,
notwithstanding the various arts and endeavors used to deter and
dissuade them from it. But if the people at large had reason to
confide in the men of that Congress, few of whom had then been fully
tried or generally known, still greater reason have they now to
respect the judgment and advice of the Convention, for it is well
known that some of the most distinguished members of that Congress,
who have been since tried and justly approved for patriotism and
abilities, and who have grown old in acquiring political information,
were also members of this Convention, and carried into it their
accumulated knowledge and experience.
It is worthy of
remark, that not only the first, but every succeeding Congress, as
well as the late Convention, have invariably joined with the people
in thinking that the prosperity of America depended on its Union. To
preserve and perpetuate it, was the great object of the people in
forming that Convention, and it is also the great object of the plan
which the Convention has advised them to adopt. With what propriety,
therefore, or for what good purposes, are attempts at this particular
period, made by some men, to depreciate the importance of the Union?
Or why is it suggested that three or four confederacies would be
better than one? I am persuaded in my own mind, that the people have
always thought right on this subject, and that their universal and
uniform attachment to the cause of the Union rests on great and
weighty reasons, which I shall endeavor to develop and explain in
some ensuing papers. They who promote the idea of substituting a
number of distinct confederacies in the room of the plan of the
Convention, seem clearly to foresee that the rejection of it would
put the continuance of the Union in the utmost jeopardy: that
certainly would be the case, and I sincerely wish that it may be as
clearly foreseen by every good Citizen, that whenever the dissolution
of the Union arrives, America will have reason to exclaim in the
words of the Poet, “Farewell! A long Farewell, to all my
Greatness.”
Publius.
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