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originally posted by: Grimpachi
Worst US presidents in history is probably Harding coming close would be Tylor.
John Tylor elected 1845
He completely abandoned his platform and party once he was elected. His presidency consisted mostly of defending slavery.
Warren G Harding elected 1865
He was a completely ineffectual leader and let his friends plunder the US treasury.
The Federal Reserve, Income Tax, and that ridiculous League of Nations.
Under the Articles of Confederation, both the federal and state governments were guilty of rampant inflationary issuance of bills of credit to finance the Revolutionary War. In response to the revolutionary history, Article I, Section 10, of the Constitution expressly prohibits the states from issuing bills of credit. With respect to Congress's power, however, the issue is not as clear. At the Constitutional Convention, it was proposed to give the federal government the power to "emit bills on the credit of the United States," but the language was defeated as being too prone to abuse. As a result, the Constitution's monetary clauses expressly grant Congress the power to coin money and to borrow money by issuing "notes" (i.e., interest-bearing government bonds), but not to issue bills of credit. Given the Framers' general hostility to paper money (James Madison, for instance, bemoaned its "pestilent effects" under the Articles), it is likely that the Framers' intended to prohibit the federal government from issuing bills of credit, just as they expressly barred the states from doing so. Moreover, the Constitution itself created a government of enumerated powers; thus, absent an express grant, Congress lacked the power to act. In fact, both those who spoke for and those who spoke against the proposed language to grant this power to the federal government understood that striking the language amounted to a prohibition on Congress's power to issue paper money.
Establish financial order, clarity and precedence in and of the newly formed United States.
Establish credit—both in country and overseas—for the new nation.
Resolve the issue of the fiat currency, issued by the Continental Congress immediately prior to and during the American Revolutionary War—the "Continental".
In simpler words, Hamilton's four goals were to:
Have the Federal Government assume the Revolutionary War debts of the several states
Pay off the war debts
Raise money for the new government
Establish a national bank and create a common currency
The BUS was launched in the midst of a major global market readjustment as Europe recovered from the Napoleonic Wars The central bank was charged with restraining uninhibited private bank note issue—already in progress—that threatened to create a credit bubble and the risks of a financial collapse. Government land sales in the West, fueled by European demand for agricultural products, ensured that a speculative bubble would form. Simultaneously, the national bank was engaged in promoting a democratized expansion of credit to accommodate laissez-faire impulses among eastern business entrepreneurs and credit hungry western and southern farmers.