  Poughkeepsie
Journal
Saturday, December 18, 2004
Historians think critical work written in Beacon
By Dan Shapley
In the calm at the center of the storm that was the American
Revolution, Dennings Point in present-day Beacon proved fertile
ground for Alexander Hamilton.
In the space of weeks, several historians now believe, the founding
father penned influential letters and newspaper articles that
influenced the course of the nation.
''This is Hamilton's first chance to catch his breath and try
to give systematic expression to ideas that have been germinating
in his mind during his four years on Washington's staff,'' said
Ron Chernow, who wrote the recently published ''Alexander Hamilton.''
Hamilton's April 30, 1871, letter about economic policy to Robert
Morris -- some 30 pages long if typed out in modern print -- indicates
that Hamilton wrote it while on DePeyster's Point, a former name
for Dennings Point. Morris would soon be appointed superintendent
of finance by Congress.
The letter laid out seminal ideas about financial policies that
continue to influence the nation's economy. As the first U.S.
treasury secretary, from 1789 to 1795, Hamilton laid the groundwork
for American capitalism through such institutions as a national
bank, which he argued was essential for winning wars, and ideas
about the ability of a national debt to spur economic investment.
Hamilton served as a commander in the Revolution, signed the
Constitution and served as a New York legislator, but he was most
influential in setting a pro-business financial policy for the
United States.
''A national debt, if it is not excessive, will be to us a national
blessing,'' Hamilton wrote to Morris.
It's one of Hamilton's most famous phrases.
However, Hamilton biographer Chernow said it's unlikely the founding
father would approve of today's $7.5 trillion-plus debt.
''Hamilton, in his writings, acknowledged there are moments in
history, particularly in times of war, where accumulation of debt
is unavoidable. To the extent the debt was created to fight the
war on terror, he would have understood that. But simultaneously
cutting taxes he would not have felt was good,'' Chernow said.
''If government is forced to create a debt, it has to have a detailed
and convincing plan for retiring that debt. And that we certainly
have not seen yet.''
But Hamilton did champion some public-private partnerships to
spur industry. He may even have smiled on Gov. George Pataki's
decision to spend taxpayer money to kick start the Rivers and
Estuaries Center on the Hudson, which is to be nonprofit research
institution independent of the state, Chernow said.
An important footnote
The historical footnote about Hamilton's penning of four of his
Continentalist articles, ''the groanings at the beginning of America,''
as Jim Heron put it, hinges, literally, on an historical footnote.
Heron is the project historian for the Rivers and Estuaries Center
on the Hudson, and is investigating the point's history for the
center, and for a book to be published by Black Dome Press.
The Continentalist articles were printed in the New York Packet
and American Advertiser, which was published in the Van Wyck Homestead
in Fishkill. The paper moved after publisher Samuel Loudon's offices
and the rest of New York City was occupied by the British in September
1776. The homestead is now a historic site near the intersection
of Route 9 and I-84 that is open to the public.
A footnote in the authoritative 27-volume compilation of Hamilton's
papers, edited by Harold C. Syrett and published in 1961, puts
the author at DePeyster's Point.
''These four articles seem spirited precursors to the Federalist
Papers. They introduce the theme of how revolution differs from
peacetime government,'' Heron said. ''Remember, at that time,
there were a lot of people in favor of making Washington king.
There was heavy talk about that.''
Hamilton was among those who argued for a strong, king-like president,
and an upper legislative body based on the English House of Lords.
He would develop the ideas further in the Federalist Papers,
which he coordinated, writing 51 of the 85 articles published
in 1788. The papers have been called the most significant public
relations campaign in history.
''They preview central ideas,'' Chernow said. ''In particular:
unless the country develops a more powerful framework than the
Articles of Confederation, and Congress has the power to regulate
trade and levy taxes, that the confederation of states would crumble,
would give way to civil war or anarchy.''
Federalist Papers… |
