Although the U.S. Constitution’s impact on the economy was large and widespread, its main effects stem from creating the fiscal base for our nation. In the Constitution, originally drafted by New York Governor Robert Morris, Article I, Section 8 and 9 outlines the powers given to the government pertaining to finance. These articles give the federal government powers that enable them to regulate commerce, such as the power to coin and regulate the value of money and the ability to lay and collect taxes. This strengthens the federal government by essentially giving it control over the economy. By giving the national government this control, the framers helped develop a stable and growing economy. The smaller states conceded that this should be the case in the New Jersey Plan, which was co-authored and introduced by William Paterson. Not only do these

The controversial Bank of the United States also strengthened the economy, but mostly it served to speed up its growth, increase its security, and aid the government in its regulation. The Bank was actually first proposed by Robert Morris, an extremely wealth Pennsylvanian who declined the position of Secretary of the Treasury under Washington, but alas he did not have the authority to see it established. Then Alexander Hamilton made the Bank his pet project, even having enough power to place his supporter Rufus King as its president, because he believed that since the bank would help boost America’s fledgling national economy. It would have vast resources and could finance new and expanding business empires, which would expand economic growth. Also, by providing a safe storage of government funds, the bank would eliminate the risk of ill handling of government and private money within private banks, therefore increasing public faith in the system, which helps to stabilize the consumer base for the economy. As a result of the Bank of the U.S., Hamilton called for government tariffs, subsidies, and awards designed to boost American manufacturing. By doing this he protected business and commercial interests, which stimulated market growth. The Bank persevered until 1833 when Andrew Jackson vetoed the renewal of the Bank’s charter and ordered Secretary of the Treasury Roger B. Taney to remove the government funds to smaller state banks. Although it was not long enduring, Hamilton’s sy

Some topics in this essay:
Roger Taney, Britain American, Bank United, Rufus King, Article Section, William Paterson, Constitutional Convention, , Bank Hamilton, United War, war 1812, bank united, secretary treasury, federal government, embargo act, national economy, robert morris, national government, hurt economy, framers constitution,