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Artificial Intelligence, Alexander Hamilton, and The Funding Act of 1790…
March 13, 2025 by GuyHeilenman · Leave a Comment
“A jack of all trades, a master of none” is often how I feel in my role as the overseer of life at Timothy Hughes Rare & Early Newspapers. Since collectible reporting covers nearly every topic under the sun (politics, religion, flight, exploration, literature, social issues, war, and more), it is impossible to know everything about everything. Even the areas which are personal favorites are more than enough to drive my quest to be a life-long learner. One such topic involves the early years of American and the “Founding” of The United States. Still, my nearly 7 decades of knowledge-absorption still leaves me wanting. A case in point was recently brought to the surface by a set of 4 issues covering The Funding Act of 1790. I knew the father of the Act was largely Alexander Hamilton and that it was an essential step in the early formation of the U.S., but beyond these basic elements, I admittedly knew little. Since our desire when describing collectible items is to be as accurate as possible, whenever I/we would be presented with a knowledge gap “back in the day”, our bookshelves full of resource material was essential – but cumbersome. Then the internet came alive and our ability to gather information was drastically reduced – especially once we gathered a repertoire of reliable sources. BUT NOW…
The question of the day: “How reliable/accurate is AI?” Only time will tell, but I thought it might be fun to seek a little input as it relates to the topic at hand. I did a basic (“think”) search on Grok (Elon Musk’s AI) for: “Why was the 1790 Funding Act so significant?” The response was:
The 1790 Funding Act was a landmark piece of legislation in United States history, playing a pivotal role in shaping the young nation’s financial and political landscape. Proposed by Alexander Hamilton, the first Treasury Secretary, the act addressed the massive debt accumulated during the Revolutionary War by consolidating state debts under federal control and funding them at full value. Its significance can be understood through several key aspects:
(by John Trumbull)
### 1. **Debt Consolidation and Federal Authority**
The act allowed the federal government to assume the debts of individual states, centralizing financial responsibility. This move stabilized the economy by creating a unified approach to debt management. While controversial—some states that had already paid off their debts opposed subsidizing others—it strengthened the federal government’s authority over the states, marking a shift toward a more centralized system.
### 2. **Establishment of National Credit**
By issuing bonds to pay off old debts and funding them through tariffs and excise taxes, the Funding Act established the United States as a credible borrower. This was critical for gaining the trust of international creditors and investors, laying the foundation for future economic growth. It demonstrated that the U.S. could honor its financial obligations, a vital step for a fledgling nation.
### 3. **Foundation for a National Economy**
The act was a cornerstone of Hamilton’s broader financial vision, which included creating a national bank to manage government finances and issue currency. By addressing the debt crisis and introducing federal taxation, it set the stage for a stable, centralized financial system. This stability was essential for the nation’s economic development and influenced future fiscal policies.
### 4. **Political Impact**
The Funding Act deepened the divide between Federalists, who favored a strong central government, and Democratic-Republicans, who worried about federal overreach. This ideological conflict shaped early American politics and highlighted the act’s role in defining the balance of power between federal and state governments.
In summary, the 1790 Funding Act was significant because it marked the federal government’s first major step into financial governance, resolving the post-war debt crisis while establishing the U.S. as a financially credible nation. It solidified federal authority, built a foundation for economic stability, and influenced the political and economic trajectory of the United States for decades to come.
How did Grok do? Did it miss anything of critical significance?
If so, perhaps you would like to review Grok’s “DeepSearch“.
I’ll admit, AI makes me more than a little nervous; however, if properly constrained… Ok, I’d still be more than a little nervous.
Thoughts?
Announcing: Catalog #352 for March 2025 – Rare & Early Newspapers…
February 28, 2025 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #351 for February 2025 – Rare & Early Newspapers…
January 31, 2025 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
A Time of Transition… Washington’s Funeral…
January 20, 2025 by Laura Heilenman · Leave a Comment
As I sit down to write this post, I wonder if there has ever been the death of a former president within 2 weeks of the inauguration of another. It is a lot of change for a country to lay to rest a former president (President Carter) while welcoming in a new leader (President Trump), however, it must have been significantly more unsettling for a nation to put to rest their 1st president. His legacy and wisdom were now gone from public discourse and there was still so much to be done. The blend of sadness and uncertainty must have been quite unsettling – yet, the nation moved forward.
We are now entering our own days of transition with hope that the upcoming weeks may not be days of tumult and that our new leaders will guide our nation with the same steady hand and heart General George Washington demonstrated during the early, formative, first-steps-era in our nation’s history. My prayer is that they look for wisdom and guidance from the same Source General Washington did so that 225 years from now, their life stories are also shared with pride and provide inspiration.
Announcing: Catalog #350 for January, 2025 – Rare & Early Newspapers for collectors…
January 3, 2025 by GuyHeilenman · Leave a Comment
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January’s
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #349 for December, 2024 – Rare & Early Newspapers for collectors…
November 29, 2024 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #348 for November, 2024 – Rare & Early Newspapers…
November 1, 2024 by GuyHeilenman · Leave a Comment
The November catalog (#348) is now available. Shown below are links to various segments of the catalog, our currently discounted newspapers, and recent posts to the History’s Newsstand Blog. Please enjoy.
1) Catalog #348 (for November): This latest offering of authentic newspapers is comprised of over 300 new items, a selection which includes the following noteworthy issues: Lincoln’s famous ‘House Divided’ speech, a significant ‘pillar cartoon’: the Constitution is in effect, the death of Benjamin Franklin, a rare political cartoon on the Boston Port Bill, the King declares Americans free & independent, and more.
The following links are designed to help you explore all available items from this latest edition of our catalog:
- The Complete November Catalog (includes wholesale lots and ongoing listings)
1500-1799 (full view OR quick-scan/compact view)
1800-1899 (full view OR quick-scan/compact” view)
1900-Present (full view OR quick-scan/compact” view)
- Combined Catalogs (November’s, w/ remnants of the previous)
- PDF Version of the November Catalog
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DISCOUNTED ISSUES – What remains of last month’s discounted issues may be viewed at: Discount (select items at 50% off)
HISTORY’S NEWSSTAND – Recent Posts on the History’s Newsstand Blog may be accessed at: History’s Newsstand
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #347 for October, 2024 – Rare & Early Newspapers…
September 27, 2024 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #346 for September, 2024 – Rare & Early Newspapers…
August 30, 2024 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]
Announcing: Catalog #345 for August, 2024 – Rare & Early Newspapers…
August 2, 2024 by GuyHeilenman · Leave a Comment
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[The links above will redirect to the latest catalog in approx. 30 days
upon which time it will update to the most recent catalog.]