Alexander Hamilton - The Man Who Made Modern America
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1784

March 10, 1784
"The Chancellor [Robert Livingston] had taken so much pains with the country members, that they all began to be persuaded that the land bank was the true Philosophers stone that was to turn all their rocks and trees into gold-and there was great reason to apprehend a majority of the Legislature would have adopted his views. It became necessary to convince the projectors themselves of the impracticability of their scheme and to counteract the impressions they had made by a direct application to the Legislature. Some of the Merchants to effect these purposes set on foot a subscription for a money-bank and called upon me to subscribe."

Alexander Hamilton to his brother-in-law John B. Church, March 10, 1784, on the question of basing the Bank of New York on hard currency--paper money, gold, or silver--rather than on land.
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