Is that what happened? If I can get confirmation of that, I'll call the bank tomorrow about renegotiating my mortgage - then we'll find out what kind of economic genious H was.
Ha! Right! That's exactly what all these types who praise Hamilton and praise his economics don't understand. They see all the benefit and all the gain to themselves of manipulating money on credit, but none of the costs to anybody else, now and future. A wise man once observed that a public debt is nothing more than a promise by the government that it will rob and plunder other persons at some undisclosed future time for the immediate gain of today.
That's also why states like inflation in the long run - they're perpetual debtors and accordingly seek alleviation from this situation by slowly destroying the value that is intrinsic to what they owe. As a result they can pay back less than what they stole in the first place, even though the numerical ammounts remain the same. Of course they tell us that interest etc. makes up for it to the investor, and indeed it can in the short run. But look long term. In the early 1800's gold was minted into $20 face value coins containing about .95 ounces each and tradeable similarly. The dollar is still the same but try checking an ounce of gold, which retains its value intrinsically over time unlike paper.