Defining American Business Culture: The Constitution and the Federalists

1. To the Constitution
   1. Motives
      1. Preceived Threats to Property Rights
      2. National Impotence
         1. Poor Credit
         2. Lack of Negotiating Leverage on Trade
   2. The Constitutional Political Economy
      1. Restrictions on State Power to Interfere With Business (Art. I, Sec. 10)
         1. No Power to Issue Money
         2. No Power to Impair Contracts
         3. Corporations as Inviolate Personalities--The Marshall Court
      2. Economic Supremacy of Federal Government
         1. Exclusive Control Over Interstate Commerce
         2. Exclusive Control Over Foreign Policy and Foreign Commerce
2. The Federalist Program
   1. Restoring Maritime Trade
      1. Settling Unfinished Business--Jay's Treaty (Britain) and Pinckney's Treaty (Spain)(both 1795)
      2. A New Era of Trading Prosperity
         1. International Upheaval as Opportunity for "Neutral" Shipping
         2. New Markets--Asia and California
   2. Establishing National Credit--Alexander Hamilton
      1. The Program
      1. Funding the Debt
      1. Consolidating Federal and State Debts
      2. Pledging Revenue for Debt Service
      2. Establishing a Convertible Currency--the Dollar
      3. The Bank of the United States (BUS)
      2. Consequence--The "Federalist Financial Revolution"
      1. A Stable Credit and Currency
      2. Securities Markets
      3. State Banking
      4. Corporations