Hamilton created the First Bank of the United States

Hamilton built the foundations of the US financial system as the nation's first Treasury secretary

Appointed the nation's first Treasury secretary in 1789 by George Washington, Alexander Hamilton designed a powerful federal finance system—repaying war debts, creating new taxes, founding a national bank, and promoting economic development.

Alexander Hamilton consolidated the states' debts, implemented a tax system, and established a national bank.

Hamilton founded what many regard as the first commercial bank in the United States

In 1784, Alexander Hamilton helped found the Bank of New York, which initially operated without a charter, financed early federal operations, provided what is considered the US government's first loan, and became the first stock traded on the New York Stock Exchange.

Hamilton's tax on whiskey sparked the first armed rebellion against US federal authority

As Treasury secretary, Alexander Hamilton designed an excise tax on whiskey that provoked violent resistance in western Pennsylvania. The Whiskey Rebellion ended when George Washington mobilized state militias under federal authority to enforce the law.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Alexander Hamilton and Thomas Jefferson clashed over how power should be divided in the new republic—Hamilton favoring a strong national government with broad implied powers, and Jefferson warning that such authority would erode state power and threaten republican liberty.

Alexander Hamilton played a significant role in creating the American system of government

From 1787 to 1788, Hamilton, James Madison, and John Jay anonymously published a collection of essays known as the Federalist Papers to promote the new Constitution. Of the 85 essays that proved pivotal to the eventual ratification of the document, Hamilton wrote 51.

Hamilton proposed one of the strongest visions of national government

At the Constitutional Convention, Alexander Hamilton advanced a plan modeled partly on Britain's system, calling for a powerful national executive and for senators to serve for life (with good behavior)—proposals that failed to gain widespread support.

Hamilton has appeared on US paper currency since the Civil War

Since the US began printing money in 1861, Alexander Hamilton has appeared at different times on the $5, $2, $20, $50, $500, and $1000 bills. Since 1928, he has remained on the $10 bill—making him, alongside Benjamin Franklin, one of the two non-presidents currently on US currency.

The federal government's decision to pay off the states' Revolutionary War debts required a new tax, which sparked an armed rebellion. 

Hamilton was one of Washington's aides during the Revolutionary War

During the Revolutionary War, Alexander Hamilton served as a key aide to George Washington, handling correspondence, strategy, and coordination, and serving as a trusted intermediary between Washington, Congress, and senior military leaders.

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

One of Hamilton's first published works was an anonymous pamphlet

While on a scholarship at King's College, Alexander Hamilton anonymously published a series of political pamphlets defending the Continental Congress, engaging in a sustained, sharply argued back-and-forth with loyalist writer Samuel Seabury that drew wide attention.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

In 1792, Congress established the first national mint to produce all the coins in the US

At the same time, the US also started producing the dollar, its first official currency. The US Mint has since issued coins throughout the country.

Hamilton's endorsement helped win Jefferson the presidency

In the 1800 presidential election, neither candidate won a majority in the Electoral College, sending the decision to the House of Representatives. After 36 failed votes, Alexander Hamilton lobbied for his ideological rival, Thomas Jefferson, over Aaron Burr, helping break the deadlock.

Hamilton learned about global trade before he was a teenager

Before he moved to America, Hamilton worked as a clerk around age 12 at the Caribbean trading firm Beekman and Cruger, handling shipping documents, inspections, and port logistics. He eventually managed the day-to-day operations of a trading charter that immersed him early in Atlantic commerce.

Critics argued Hamilton prioritized central power over popular sovereignty

This podcast examines Hamilton's belief in expansive federal power and why he was repeatedly labeled a monarchist—tracing how his calls for a strong executive, his life-tenure proposals at the Constitutional Convention, and his admiration for British stability fueled accusations that he favored centralized power over republican rule.

Hamilton opposed slavery in principle but participated in the institution

Alexander Hamilton spoke against slavery, helped found the New York Manumission Society, and supported gradual emancipation while also participating in transactions involving enslaved people through his in-laws—and possibly within his own household, though historians debate this.

Andrew Jackson was the first and only president to eliminate the national debt.

The Tariff Act of 1789 was one of America's first acts.

Read the financial advice America's founding fathers gave, including Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton.

Hamilton publicly admitted to an affair to rebut corruption charges

In 1797, Alexander Hamilton published the Reynolds Pamphlet, confessing to an extramarital affair and blackmail payments to disprove accusations of financial corruption—clearing his name legally but ruining his reputation.

Alexander Hamilton argued in Federalist 69 that the president's military authority was far more limited than a king's

Hamilton wrote that the president's commander-in-chief role amounted to little more than the authority to command the military, while the powers to declare war, raise armies, and regulate fleets belonged to the legislature. He contrasted this with the British king to argue that the executive posed no threat of tyranny.

In 1804, Alexander Hamilton was mortally wounded in a duel with Aaron Burr

The fatal duel between Alexander Hamilton and Aaron Burr followed years of political rivalry. Hamilton had criticized Burr's character and fitness for office, prompting Burr to demand a retraction, which ultimately led to the deadly encounter.

The Articles of Confederation were the first governing documents of the United States

Drafted in 1777 and ratified in 1781, the articles created a weak national government without the ability to tax or regulate commerce. This led to problems for the new nation, necessitating the Constitutional Convention in 1787.

Madison was America's first president during a formally declared war

During James Madison's presidency, Congress formally declared war on Britain in 1812 over its practice of seizing American sailors, trade restrictions, and repeated violations of US sovereignty—marking the first time a sitting American president led the nation through a declared war.

On July 1, 1862, the agency now known as the Internal Revenue Service was established and named the Bureau of Internal Revenue

It was created to collect the first-ever US income tax, which was created to help pay for the Civil War. After gaining their independence from Britain, Americans were skeptical about giving the federal government absolute power to collect federal income taxes. As a result, early US tax laws dictated that direct taxes, like income taxes, had to be directly apportioned to a state's population. The nation went back and forth on its federal tax laws multiple times. For instance, in 1872, the income tax from the Civil War was repealed. But it was revived in 1894, and then repealed again in 1895. In 1913, Congress passed the 16th Amendment, giving Congress the power to levy income taxes on individuals and corporations without apportioning the burden among the states in line with population, once and for all.

Adams had a deep contempt for Alexander Hamilton

Adams regarded him as dangerously ambitious and untrustworthy. Her letters are among the most vivid contemporary assessments of Hamilton, providing a portrait of one of the founding era's most contentious figures.

During the Civil War, the US government printed paper money for the first time

Those original paper bills were called “greenbacks” or “demand notes.” Since then, paper money has evolved with different designs, names, and values. Today, it is solely issued by the Bureau of Engraving & Printing.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

London bankers created the first clearinghouse to process checks in 1770

Until that time, each banker was required to bring that day's checks to every other bank for settlement. Perhaps understandably, the first place bankers opted to gather to clear and settle checks was a tavern known as the Five Bells. The innovation gave rise to what would become clearinghouses, key institutions that facilitate payments.

The Bank of America began as the Bank of Italy—one of the first US banks for the middle class—and loaned money to individuals to help rebuild after the 1906 San Francisco earthquake.

Hamilton's formal education was cut short by the Revolutionary War

Enrolled at King's College, Alexander Hamilton planned to graduate in just a few years, racing through an intense curriculum, before the Revolutionary War interrupted his studies and he joined a New York volunteer militia.

Throughout most of the 1800s, US currency was backed by silver and gold

In post-Civil War America, the government moved to use only the gold standard. This was how US currency was backed for decades in the US. You can read a comprehensive explainer on the gold standard and its history in the US to learn more.

Alexander Hamilton's birth year is still disputed

Although Hamilton claimed a 1757 birth, records, newspaper accounts, and later biographers suggest his actual birth year was 1755, leaving historians unsure of his true age when he arrived in America.

The Secret Service was originally formed to combat counterfeiting

By the 1860s, an estimated one-third of US currency in circulation was counterfeit. In 1865, the Secret Service was created specifically to combat the country's serious counterfeiting problem, which had led to widespread financial instability. This was partly due to the lack of federal currency standardization in the country at the time.

Benjamin Franklin founded America's first lending library, the Library Company of Philadelphia, in 1731.

A letter about a hurricane helped launch Hamilton's life in America

After a hurricane severely damaged the Caribbean island of St. Croix, Alexander Hamilton wrote a vivid letter that was later published and impressed local business leaders, who took up a collection to send the teenager to North America for schooling.

The portrait of George Washington was first placed on the one-dollar bill in 1869

Trace the history of the US dollar from its colonial roots to its adoption as the national currency. The video explores the word's Germanic origins, how the dollar sign evolved from the Spanish peso, and how Washington's portrait came to define US paper currency.

Benjamin Franklin advocated for the use of paper money and even engineered some key anticounterfeiting techniques used today.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

An early version of the musical 'Hamilton' debuted at the White House

Years before the musical "Hamilton" reached Broadway, Lin-Manuel Miranda performed an early draft of the opening song at the White House during a 2009 poetry event attended by President Obama.

Treasury bonds, notes, and bills are critical vehicles for the federal government to raise money for public expenses and manage the national debt.

Madison and Jefferson forged a political alliance that shaped the early US republic

Beginning in the 1780s, James Madison and Thomas Jefferson collaborated closely to oppose centralized power, to found the Democratic-Republican Party, and to guide the nation's early debates on constitutional and foreign policy.

The debate over federalism helped produce the novel character of the United States

During ratification, Federalists argued that a strong national government was essential for national survival. Anti-Federalists warned that it could overwhelm states and threaten individual liberty—forcing compromises that shaped early American federalism and led to the adoption of the Bill of Rights.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

Hear a leading historian discuss the life and legacy of Alexander Hamilton

Historian Joanne Freeman discusses Hamilton's reputation, personality, and political world. The discussion distinguishes between historical record and myth and reflects on how the musical reshaped public understanding of his life.