For the first time in our history as a nation, we will have a women printed on our currency. June 17 marked a historic day for women as United States Treasury Secretary Jack Lew announced that Alexander Hamilton would no longer be the face of the $10 bill. Hamilton was first featured on the bill in 1929, replacing Andrew Jackson, who was then moved to the $20 bill. As a strong advocate for women’s rights, I am pleased with this monumental change. However, the treasury must reevaluate their decision in the context of American history and question why the man who minted the U.S. dollar is inferior to the man who launched our nation into an economic depression.
The U.S treasury ought to consider that Alexander Hamilton is without a doubt a far more redeemable historical figure than Andrew Jackson. During George Washington’s presidency, Hamilton acted as his lead economic adviser. After serving as the first U.S. Secretary of the Treasury, Hamilton established a national bank and established friendly trade relations with both Britain and France. He also persuaded Congress to hold the Philadelphia Convention in 1787 with the purpose of establishing a replacement to the Articles of Confederation.
Hamilton is not often given credit for conceiving the basis of American capitalism as a whole. He single-handedly saved the U.S. from financial crisis during its fledgling years by establishing a plan to pay off the post-war debts of every individual state. The visionary economic ideals of Hamilton culminated in the foundation of modern American commerce, with his aggressive support for manufacturing, banking and strong public credit all strongly developed today.
Hamilton’s life can be interpreted as the framework of the American Dream. Growing up as an orphan in the Caribbean, Hamilton worked his way toward an education in the U.S. and later served as aide-de-camp to George Washington. Immigrants come to the U.S. in pursuit of what we call the American Dream — the idea that anyone can achieve success and prosperity through hard work, determination, and initiative. Hamilton is this idea incarnate, not to mention his reputation as being popular with the ladies.
Andrew Jackson, on the other hand, has always been controversial, both during his presidency and in the present day. One of Jackson’s more infamous actions was his extensive use of the spoils system, which awarded government jobs his supporters, friends and relatives. The incompetency of those appointed led to scandals and embezzlement, and it marked the beginning of early political corruption. Another one of Jackson’s leading objectives as president was passing the Indian Removal Act. The legislation allowed the U.S. to uproot thousands of American Indians from their settlements, which led to the Trail of Tears. Approximately 4,000 Native Americans perished on the trail as a result of disease and starvation. What’s more, he refused to enforce the Supreme Court decision ruling disallowing the removal of the Cherokee from their ancestral land, stating “Mr. Marshall has made his decision. Now let him enforce it!”
Recent developments in the Civil Rights Movement have led many businesses to stop using of the Confederate flag due to its implications regarding slavery. While Hamilton was an avid abolitionist, Jackson was a planter and slave owner. Racial issues have been prevalent in recent months in cases dealing with police brutality and hate crimes.
While many of the men adorning our currency were slave-owners, it’s worth remembering that Jackson was far more entrenched in the institution of slavery. In fact, Jackson owed the vast majority of his wealth and power to it. What’s more, Jackson supported the institution of slavery itself, while others such as Jefferson and Washington deplored it and argued for gradual abolition. It seems that removing an abolitionist on one bill and leaving a slave supporter on another seems in bad taste.
The new bill will be revealed in 2020, the 100th anniversary of the 19th Amendment, which officially gave women the right to vote. The main reason why Hamilton is getting the boot is because the $10 bill is up next for redesign. Understandably, the process for revising currency is an arduous process. However, instead of sticking to mechanized schedules, I believe that such a decision should reflect our country’s values. Hamilton created the economy we know today. It would be tragically ironic that the man who founded the U.S. Treasury would one day be rejected by it.
