Drop out, live cool

Published 7:50 pm Monday, April 19, 2010

To the Editor:

Excerpts from Central Banking is an Engine of Corruption, by Thomas J. DiLorenzo

Much has been written about the famous debate between Thomas Jefferson and Alexander Hamilton over the constitutionality of Americas first central bank, The Bank of the United States (BUS).

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This was where Jefferson, as secretary of state, enunciated his strict constructionist view of the constitution, making his case to President George Washington that since a central bank was not one of the powers specifically delegated by the states to the central government, and since the idea was explicitly rejected by the constitutional convention, a central bank is unconstitutional.

Treasury secretary Alexander Hamilton notoriously responded by inventing the notion of implied as opposed to enumerated&bsp; powers of the constitution.

Hamilton and his political compatriots, wanted to reimpose in the new United States a system of mercantilism and big government similar to that in Great Britain, against which the colonist had rebelled. The object was to have a strong central government, particularly a strong president or&bsp; king as chief executive, built up by high taxes and heavy public debt.

With devious brilliance, Hamilton set out, by a program of class legislation, to unite the propertied interests of the eastern seaboard into a cohesive administration party, while at the same time he attempted to make the executive dominant over the Congress by a lavish use of the spoils system. In carrying out his scheme..Hamilton transformed every financial transaction of the Treasury Department into an orgy of speculation and graft in which selected senators, congressmen and certain of their rich constituents throughout the nation participated…

Maybe its just me but all this sounds somehow familiar today, The Liberal

Left is the new establishment, the Conservative right is the new cool, drop out of the establishment and live cool.

Danny Hutcherson