Sublime

Starting in the summer of 1791, the Jeffersonians followed with alarm the rampant speculation in government bonds and bank shares. On July 4, 1791, the Treasury had begun selling shares in the new Bank of the United States, and pent-up demand proved so explosive that the entire subscription sold out in one frantic hour. Swarms of investors invaded

In his report, Hamilton championed several controversial measures. Some original holders of the wartime promissory notes, including many Continental Army veterans, had sold them after the war at a tiny fraction of their face value, believing that they would never be repaid in full. Hamilton planned to redeem them at face value and wanted current ho