For my final research paper, I am focusing on how the presidency changed from Washington to Lincoln, and more precisely the cabinet's role in policies, as well as how the "tide" of legislation changed. One scope in particular that I found interesting was in reference to national banks. Some members of Washington's cabinet, mainly Hamilton were pushing him to pass the Bank Bill, while he himself was skeptical until the very end and eventually signed it into law. However in Lincoln's case, when the National Bank Act of 1863 came about, he was consulted by his Sec. of Treasury, Salmon Chase, concerning the passage of the bill, since Lincoln was quite knowledgable in banking and was in favor of credit. I found it interesting how in both cases, legislation was passed which boosted the American monetary system, however they took drastically different paths in getting there.
I was wondering if any of you have also come across information in which you had an idea of the outcome, but were surprised in perhaps the composition of the facts or what was maybe "behind the scenes."
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This says something about the respective talent of Washington and Lincoln, and as well of Hamilton and Chase. Chase was a lawyer without real expertise in finance, but his inclusion in Lincoln's cabinet was essential because his ambition was so great. (The same might be said of Hamilton, in a way.) You might want to think about the specific benefits of both bank bills. You might want to check out H. W. Brands's _The Money Men_, which is a readable overview of the "hundred years' of war" over American finance.
When I saw your post, I thought my research can overlaps some part of yours because my working topic is why Democratic-Republican Party changed their attitude toward a national bank from 1st bank to 2nd bank.
In the book, M'Culloch v. Maryland:Securing a Nation(Mark R. Killenbeck, chapter 1 (The Constitution and the First Bank) came across my mind. It explains 3 cabinet members + 1 Representative
1. Edmund Randolph (Attorney general)
2. Thomas Jefferson (Secretary of State)
3. Alexander Hamilton (Secretary of Treasury)
4. James Madison (A representative)
Here is excerpt that I think it might be helpful to you.
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P. 27-28
Washington's decision was not an easy one. Four people whose views he trusted had weighed in. Madison had argued at length during the debates in the House that the COnstitution did not authorize the creatino of such an institution and repeated these arguments in discussions with Washington while the president mulled over the matter. Randolph and Jefferson in turn had taken the same position in writing. Hamilton alone believed otherwise, bolstered by the fact that the Senate the House had ultimately passed the measure by comfortable margins.
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This exerpt is just overview of their role in persuading Washington. After you read this exerpt and think it might be helpful to your research, you can check out this book in the library. If you cannot find it or it is already checked out, just send me an e-mail (junggyuhan@gmail.com) I can copy the chapter 1 for you.
Hope this helps. Enjoy your weekend :-)
From Joseph
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