JANUARY 11, 1757 – BIRTH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY OF THE UNITED STATES

1757 – BIRTH OF ALEXANDER HAMILTON, FIRST SECRETARY OF THE TREASURY OF THE UNITED STATES 
Hamilton was a major proponent of First Bank of the United States. The bank’s name gave the impression that the bank was public when it was actually privately owned. The nation's money was created by the private bank as government loans - at interest - and to private individuals. Eighty percent of the stock was privately held. Hamilton considered public debt "a public blessing" because it would tie the wealthy (who would own the government bonds) of the country to the government, and they would in turn provide political support for higher taxes to pay off the government bonds.