America’s founding was fraught with conflict. America in 1787-88 was a place of deep political divisions. Much of the root of those divisions was disagreement over how much power should be given to the central government. After the Constitutional Convention, political leaders split between supporters of the Constitution (Federalists) and opponents (Antifederalists). In an effort to sell the new Constitution to the country, three Federalists (James Madison, Alexander Hamilton, and John Jay) wrote a series of arguments, in essay form, we now call the Federalist Papers. These essays were designed to explain the Constitution. Today, they are regarded as America’s greatest contributions to political philosophy as is explained in this audio story.
Story Length: 4:20
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During the early stages of the American Revolutionary War, many colonists weren’t fully committed to fighting for independence from the British Empire. That changed during the summer of 1776. In his book, “Revolutionary Summer: The Birth of American Independence,” historian Joseph Ellis describes the events that swayed popular opinion toward leaving the British Empire. Listen to this interview with Ellis to learn more about military and political developments during this critical moment in America’s history.
Robert Morris was a rich merchant from Philadelphia who became a banker and supplier to the American army during the Revolution. He built a fortune through international trade. He was successful at a time when reputation and personal relationships were the only guarantee that payments would be made. Initially against independence, Morris went along with the majority of Congress when it decided in favor, and signed the Declaration of Independence. He was instrumental to the success of the American Revolution, financing the war with his own personal credit. Listen to his story to learn about this important and controversial Founding Father, Robert Morris.
The Federal Reserve System is the central bank of the United States. It is responsible for the effective operation of the U.S. economy and conducts the nation’s monetary policy, stabilizes prices and moderates interest rates, and promotes the safety of individual financial institutions. In 1907, J. P. Morgan organized other leading financiers to backstop a run on banks and bring an end to a nationwide financial crisis. Later, with the encouragement of a powerful senator, a group of New York bankers went on to develop a plan for a central bank that was eventually adopted and that is still in effect today. Listen to the story to learn more about the formation of the Federal Reserve and America’s central banks by Congress.
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