Sumner was incorrect about Hamilton.
1) It is a matter of record that Angelica Church (H's sister-in-law) sent Hamilton a copy of The Wealth of Nations from England;
2) Hamilton was not a mercantilist and only used the tariff as a means of obtaining revenues sufficient to run the government. His desire to intervene in the economy with bounties and prizes was to correct the malformed economy resulting from the Colonial system.
3) Federal debt was clearly a blessing when handled correctly. It immediately provided the US with urgently needed capital flowing in from Europe to purchase the new debt. It capitalized the WORD of the US and made it much richer. Banks also increased the available capital of the nation because of fractional banking and because formerly hoarded resources were drawn into circulation. Increasing the velocity of circulation is also an equivalent to an increase in the supply of capital.
4) His policies were designed to bring an economy used to too much barter into the monetized world not because he was a mercantilist. Nor are the statements about his view of foreign trade accurate. Hamilton's understanding of economics and finance was light-years ahead of his enemies who were clueless.
Since Paul thinks he sent you "packing back to school" regarding "The American System", maybe you'd be willing to comment further on it. In your opinion, was the American System, as espoused by Henry Clay, responsible for the rapid growth of government and the protectionist sentiment that dramatically increased import duties and, therefore, prices for consumers?
Agreed.