I don't have time to reply to all of this right now (what with xmas and all; still have to go finish shopping) so I'll just do a little at a time throughout the season until I'm finished.
1. My original post dealt with deflation and the effect on the price level that specie had. I did not ignore the fact that immigration and foreign investment had an influence on the nation's growth because that wasn't what I was really talking about. However, I will reply to some of your comments none the less.
I do not deny the fact that the balance of trade affected the level of specie in the country. But I think what you forget is that gold and silver were the "lawful" money of the time, both here and abroad. If GB wanted to invest here, was not what they paid in ultimately gold? The draining of specie from the country had more to do with the fixing of the silver-to-gold exchange rate. Gresham's law kicked in because the government artificially overvalued silver in relation to gold, thus causing the gold either to be horded or flow overseas.
Hamilton set up his bank for two reasons: he wanted a way to pay off the national debt and he wanted to make money; his bank was mostly a private affair and that alone I think would make it unconstitutional as only Congress has the right to coin money and regulate it's value. I personally believe he was a very smart man, but I also think he was a crook. Anyway, the debate on a National Bank was pretty fierce, and Washington was not convinced either way whether it was constitutional or not. However, he assumed that Hamilton, as Sec. of Treas., knew what he was doing and therefore allowed it. So what happened? The number of chartered banks went up dramatically under his Bank of the U.S. and all began to pump out ever faster depreciating bank notes; inflation was horrible. And finally, I'm not sure where you get the idea Jefferson was a leftist? He was a pseudo-libertarian, with several major character flaws I admit. But who doesn't have those?
Okay, I have to run so I'll post again when I can. To you and every other Freeper I wish a very Merry Xmas and a Safe and Happy New Year.