Thursday, June 10, 2004

Reagan on the Ten Dollar Bill? Take a Deep Breath and Count to Ten

In the wake of Ronald Reagan's passing, there are a lot of well-meaning proposals being made to honor him. But the days immediately following the death of a beloved person are not prime time for making such decisions.

The most disturbing of these proposals, I think, is the one that would place Ronald Reagan's picture on the ten-dollar bill in place of Alexander Hamilton. Hamilton may be considered a "weak link" because most Americans know little to nothing about him. They may know that he died in a duel and that's about it. But Hamilton, who emigrated to what became the United States from poor circumstances on the island of Saint Croix and grew to be an extradorinary man, is someone contemporary Americans would do well to know better. He was brave in battle during the Revolutionary War. He wrote the lion's share of articles that make up The Federalist Papers, playing an important role in shaping the US Constitution and its critical part in forging America's national identity. He was a brilliant jurist and writer. And perhaps most importantly, as Washington's secretary of the treasury, Hamilton established America's free enterprise system. Clearly, Hamilton should not be bumped from the ten-spot by President Reagan or anybody else. As an economics major himself, the late President, I feel certain, would agree.

If Mr. Reagan is to be honored on our currency, perhaps a new denomination could be established that would feature him.

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