Alexander Hamilton was the first secretary of the treasury of the United States. Serving while George Washington was president. Hamilton made a big significant contributions to the financial system of the United States. These contributions gave hamilton a important role in the U.S history. He even had the option of being put on the united states currency even though he was not a president. Many of the business solution that exist today even the credit card that we are using is because of the contributions of Hamilton. Hamilton was born in the west indies in the 1750s although its known where he really born, Hamilton grew up in the Virgin Islands. When he was young he wrote a essay that caught the eyes of his community leaders. …show more content…
The gold standard is a system that links our currency value with that of gold. A Country on a gold standard cannot increase the amount of money that is being circulating throughout the country without increasing their gold reserves too. Because the world global gold supply grows slowly being on gold standard would hold the government overspending inflation checks. Right Now no country back their currency with gold but back then they did including the United States you could of trade $20.67 for like an ounce of gold. The country cancelled the gold standard in 1933 and completely served the link between dollar and gold in 1971, now the U.S dollar is not linked to any specific asert. The U.S abandoned the gold standard to help with the great depression. The U.S and the government kept the interest rate too high and that made it pretty hard for people to barrow from them. So in 1933 President Roosevelt cut the dollar and gold ties allowing the government to put money in the economy and lower the interest rates. The U.S stilled allowed foreign governments to exchange dollars for gold until 1971 when President Nixon decide to end the practice of dollar flush so foreigners could stop taking U.S gold