Hamilton, wanting the bank to remain predominantly in private hands, advanced a theory that became a truism of central banking-that monetary policy was so liable to abuse that it needed some insulation from interfering politicians: "To attach full confidence to an institution of this nature, it appears to be an essential ingredient in its structure that it shall be under a private not a public direction, under the guidance of individual interest, not of public policy." 18 At
( Ron Chernow )
[ Alexander Hamilton ]
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