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Government Intervention in 1792


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While searching for events for my 1792, I thought this was an interesting event. 

In March 1792, America entered an economic panic, caused primarily by the country adjusting to Hamilton's recently passed National Banking Act. The Act called, for in the cases of economic distress, that a Sinking Fund Commission be formed to figure out a way to resolve economic issues. This was invoked in March with Hamilton, Adams, Jay, Jefferson and Randolph on the commission. After debating the matter, they decided to come to a vote, even though John Jay was temporarily away. Hamilton and Adams voted for intervening, while Jefferson and Randolph were opposed. Five days later, Hamilton convinced Randolph to change his vote, and the Sinking Fund Commission voted to intervene. After this, Hamilton gave orders to the National Bank to move money around to stop the panic. Less than a month later, the panic was declared at an end. 

Also during this episode, Hamilton's US Mint was established. 

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