Hamilton, the first secretary of the treasury, would qualify as among the greatest of our founders for his contributions to achieving American independence and creating the Constitution alone.

In addition to those accomplishments, however, Hamilton was without doubt the best and most foresighted economic policymaker in US history. As detailed in Ron Chernow's excellent biography, as Hamilton while treasury secretary put in place the institutional basis for the modern US economy. Critically, he helped put US government finances on a sound footing, consolidating the debts of the states and setting up a strong federal fiscal system.

The importance of Hamilton's achievement can be judged by the problems that the combination of uncoordinated national fiscal policies and a single currency has caused the eurozone in recent years. Reflecting on those parallels, as Fed chairman I recommended Chernow's biography to Mario Draghi, the president of the European Central Bank. Mario told me that he read it with great interest.

Hamilton also played a leading role in creating US monetary and financial institutions. He founded the nation's first major bank, the Bank of New York; and, as Chernow points out, Hamilton's 1791 Report on the Mint set the basis for US currency arrangements, which makes his demotion from the $10 bill all the more ironic.