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Reviewed by:
  • The Many Faces of Alexander Hamilton: The Life and Legacy of America's Most Elusive Founder Father
  • Edwin J. Perkins
Douglas Ambrose and Robert W. T. Martin , editors. The Many Faces of Alexander Hamilton: The Life and Legacy of America's Most Elusive Founder Father. New York: New York University Press, 2006. x + 300 pp. ISBN 0-8147-0714-9, $45.00 (cloth).

The rejuvenation of interest in the financial history of the early national period in U.S. history—led by Richard Sylla, Robert Wright, Peter Rousseau, and myself—has sparked renewed interest in the influence of Alexander Hamilton on public events, past and present. Often overlooked in all the hoopla over the accomplishments of Washington, Jefferson, and Madison, the nation's first Secretary of the Treasury has received more favorable attention from historians in recent years. Ron Chernow, one of our talented journalistic colleagues, published a full-scale biography, not long ago.

The edited volume, under review here, is a collection of nine essays by a mix of historians and political scientists who address various facets of Hamilton's career. The book arose out of a conference at Hamilton College to honor the memory of its namesake.

Douglas Ambrose, one of the two editors of this volume, offers a comprehensive introductory essay that summarizes the key points of all nine authors, and John Patrick Diggins provides a brief epilogue. Eight authors contributed essays that concentrate on issues of political philosophy, political infighting, and the intellectual contest between Hamilton and Jefferson. Carey Roberts offers the only essay with a focus on economic issues.

In a revisionist mode, Roberts argues that Hamilton's policies on balance hampered the recovery of the national economy after the dislocations of the 1780s. According to the author, Hamilton's debt consolidation program and his creation of a large commercial bank were unduly inflationary. He cites the slow growth of the economy in the 1790s and puts much of the blame on Hamilton's shoulders. Roberts makes a valiant effort to produce an original thesis, but, unfortunately, I found the argument unconvincing. At the very least, Hamilton generated a financial stability, which was a major accomplishment given the circumstances. The Government bonds rose to premium prices in the financial markets at home and abroad, and confidence abounded. In many cases, the positive effects of innovative economic advancements do not always exhibit themselves for a decade or more. The delayed impact of the computer on measurable productivity ranks as a prime example of this reality. I know a few economists and financial historians who seriously question the wisdom of Hamilton's overarching policies as a treasury [End Page 199] secretary. Hamilton, more than any other political figure, set the financial stage for a steady economic growth in the next century.

I wish I had been invited to participate in the conference, because I would have stressed the numerous Jeffersonian restraints on the Hamiltonian financial program. In particular, I would have cited the tight limitations on the First Bank's ability to assist the Treasury in floating new loans and, second, the decentralization of financial power after the creation of a branch banking system for the First U.S. Bank from Boston to Charleston. Max Edling, a Swedish scholar, is exploring some of these political and economic issues, and interested readers should be on the lookout for his upcoming publications.

Edwin J. Perkins
University of Southern California
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