VIP Class Notes (Raph)[R]

Vocabulary

Legacy (n): 1- something that is a part of your history or that remains from an earlier time; or something that you are remembered for.
E.g.: The Greeks have a rich legacy of literature.
E.g.: The war has left a legacy of hatred.
E.g.: The president’s biggest legacy project was the reform of the healthcare system.

Aide (n): 1- a person whose job is to help someone important, such as a member of a government or a military officer of high rank:
E.g.: A senior government aide gave an interview to the newspaper.
E.g.: He is an aide to the prime minister
E.g.: The prime minister instructed his aides not to speak to the press about the matter.

Colloquial (adj): 1- (of words and expressions) informal and more suitable for use in speech than in writing.
E.g.: He used very colloquial language in his speech.

Three Branches of Government in the US:

• Executive
• Legislative
• Judiciary

Alexander Hamilton: Father of American Banking
(Source: www.51voa.com/VOA_Special_English/alexander-hamilton-creator-of-the-american-economic-system-67708.html)

Alexander Hamilton was not a U.S. president, but he was one of the most important early leaders of the U.S. He fought in the Revolutionary War, wrote powerful arguments to persuade the states to accept the Constitution, and helped create the country’s national banking and economic system. In 1929, the Treasury Department even put Alexander Hamilton’s face on the $10 bill. And in 2015, the musical “Hamilton” became one of the biggest shows on Broadway. But the story of Hamilton’s early life did not make this legacy likely.

A difficult beginning

Hamilton was born in 1755 to poor, unmarried parents in the West Indies. He was a bright child and read every book given to him — in English, Latin and Greek. Hamilton also learned a great deal about business and economics. He talked about becoming a political leader in the North American colonies.

When Hamilton was 11 years old, his mother died. Hamilton got a job as an assistant bookkeeper. He learned how to keep financial records. Even though his situation was difficult, others recognized that Hamilton was smart and talented. Hamilton’s boss sent him to New York. He became a student at King’s College, later called Columbia University.

Right hand man

The American Revolution gave Hamilton the chance to show his abilities. Hamilton supported the colonies’ war of independence against Britain. He became an aide to the colonies’ lead general, George Washington. Even though Hamilton was young – in his early 20s – Washington trusted him as an excellent writer and thinker. Hamilton wrote the general’s letters. He had to use all his political and communication skills to get money and supplies for the Revolutionary Army.

Love and marriage … and money

During the war, Hamilton married Elizabeth Schuyler. She was a member of one of the nation’s wealthiest families. Over time, Eliza and Alexander Hamilton made homes in New York and Philadelphia and raised eight children.

Bank of the United States

After the Revolutionary War, Hamilton became a lawyer in New York. He used the power of his pen again – this time, to defend the U.S. Constitution. Hamilton was one of the authors of “The Federalist Papers.” The series of newspaper articles urged the newly independent states to adopt the Constitution and create a strong central government.

After the states agreed to ratify the Constitution, George Washington became the country’s first president. He asked Hamilton to be the first Secretary of the Treasury. The role of Secretary of the Treasury was critical in the early days of the new nation. America’s most urgent problem was figuring out ways to pay its debts. The country had borrowed or promised a lot of money during the Revolutionary War.

Hamilton proposed a national bank. Congress approved the idea in 1791. The bank had $10 million in capital. It could lend the government money and pay off state debts. Hamilton’s system also created a federal system to collect taxes.

But not everyone accepted Hamilton’s views. Many of President Washington’s advisors – called his cabinet – opposed Hamilton. Opponents expressed many objections to Hamilton’s Bank of the United States. Generally, members of Congress from the northern states supported the idea, while those from southern states opposed it. Another political leader, Thomas Jefferson, said the Bank exceeded the powers of the Constitution.

Hamilton defended the Bank. He argued for a broad interpretation of the Constitution. He thought it permitted the federal government to do what it needed to do to strengthen the country’s economic system. Hamilton largely won his political arguments. He became the leader of nation’s first political party, called the Federalist Party.

The Federalists, located mainly in the commercial Northeast, supported a strong national government. They laid the foundation of a national economy, created a national judicial system and set up principles of foreign policy.

Grammar

Ten dollars bill – Ten-dollar bill.

Pronunciation

Mock: /mɑːk/

Bullying: /ˈbʊl.i.ɪŋ/

Entrepreneur: /ˌɑːn.trə.prəˈnɝː/

Entrepreneurial: /ˌɒntrəprəˈnɝːriəl/

Asparagus: /əˈsper.ə.ɡəs/

Treasury: /ˈtreʒ.ɚ.i/

Legacy: /ˈleɡ.ə.si/

Recognized: /ˈrek.əɡ.naɪzd/

Britain: /ˈbrɪt.ən/

Wealthiest: /ˈwɛlθi.əst/

Constitution: /ˌkɑːn.stəˈtuː.ʃən/

Federalist: /ˈfed.ɚ.əl.ɪst/