Starting in the summer of 1791, the Jeffersonians followed with alarm the rampant speculation in government bonds and bank shares. On July 4, 1791, the Treasury had begun selling shares in the new Bank of the United States, and pent-up demand proved so explosive that the entire subscription sold out in one frantic hour. Swarms of investors invaded the Treasury building, mobbing the clerks. For Hamilton’s supporters, it was dramatic proof of the trust that investors placed in the new institution. Now an unashamed bank booster, Washington exulted over this initial offering: “The astonishing
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