Chris Hobeiko's essay on Hamilton

the gentlemen in this city to establish a bank on liberal principles… they are thereforehereby invited to meet tomorrow evening at six o’clock at the Merchants Coffee House,where a plan will be submitted to their consideration.” Hamilton was voted director ofthis bank and over the next three weeks drafted a constitution for it. He also received a50,000 dollar loan from the Federal Government for the bank. This constitution was usedas the pattern for many subsequent bank charters and helped to define American banking.The creation of the bank created much criticism. New Yorkers who lived upstatewanted a land bank and thought that a money bank would only benefit the urban elite, thevery same loyalists for whom Hamilton fought for prior to the creation of the bank.However despite the misgivings of these people, the bank reconciled the Patriots andLoyalist within the city who wanted to the bank to succeed. The bank also introducedorder into the American currency. Currently, the bank is the oldest stock traded on theNew York Stock Exchange.Aside from the purely economic contributions Hamilton gave to New York City,he also contributed to many local institutions. He created the Board of Regents, whichhelped to improved education in the state. He was a trustee to Columbia College,formerly Kings College of which he was a graduate. He helped to relive traffic in lowerNew York City by moving statues as well.During his tenure as Secretary of the Treasury Hamilton began issuing bondsfrom the Federal Government. The main place for selling these bonds was within NewYork City. At the onset these bonds, sold in the securities market, sky rocketed in price.However there were many corrupt price gougers in this business. Bonds could be riggedby swindlers planting false rumors and exploiting the auction system, similar to the pump