Presented by Willard Hurst as part of his course "Introduction to Modern American Legal History" at the University of Wisconsin Law School in 1978. Hamilton's ideas for the fiscal powers of the government and the goal of multiplier returns are used as a base for explaining the risks that the United States took in order to see a financial payoff in the market. Hurst goes on to explain changes in the structure of the market resulted in imbalances in the factors of production, and how these problems were exacerbated by the activities of state immigration offices and the duties assigned to women and children. The discussion closes with a consideration of the importance of purchasing power and the ways in which growth was fueled through lending. This discussion picks up on the previous topic of lending, and begins with the principle of negotiability and the changing value of state securities. The wartime debt of states is also examined, and the creation of the first bank of the United States is explained through the role of the tenth amendment, the necessary and proper clause, and the need for the provisioning and supplying of money.
