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Last IT WAS WITH THE PANIC OF 1792 THAT THE PRIMARY DEBATE apparently came about over whether or not the federal authorities must intervene (finally a Keynesian view) to mitigate the injury or just let it happen” (the Classical view) and let the banks fail as they might with whatever social injury that will cause. The argument was between Vice President John Adams, Alexander Hamilton on the Keynesian” interventionist aspect and Thomas Jefferson and Legal professional Normal Edmund Randolph on the Classical” non-interventionist aspect. These men, along with Supreme Courtroom Chief Justice John Jay who did not participate, made up the Sinking Fund Commission of the Financial institution of the United States. The choice was whether to bail out the Financial institution of New York with a $100,000 open-market” buy of securities. Quickly, nevertheless, Randolph came around to Hamilton’s view and the open-market purchases have been allowed.