Thoughts on replacing Alexander Hamilton on the US $10 bill

There has been an announcement last month by Jack Lew that they are replacing Alexander Hamilton on the 10 dollar bill with a woman. This marks the first time that the United States has someone other than a prominent presidential figure or a prominent founding father (think Benjamin Franklin) and I applaud their decision to make a prominent American woman to be displayed on a major denomination (other than the 1 dollar coin which has included Susan B. Anthony and Sacagawea.) Despite the nobility of the idea, it has set off large amounts of controversy, both within the internet community and among prominent people. While Alexander Hamilton's character has both been controversial in the creation of the First National Bank (precursor to today's central bank) and in the recommendation of building a strong central government and a strong commercial sector, which was opposed by the Jeffersonians of the time, who wanted America to be more of the idealized version that De Tocqueville talked about in his magnum opus, Democracy in America, I agree with both the former Federal Reserve chairman, Ben Bernanke and Hamilton biographer, Ron Chernow that Alexander Hamilton should remain on the ten dollar bill.

I understand that he is controversial among certain people, especially among Democrats, about his role in writing the Federalist papers in interpreting in the Constitution and being a precursor of the modern idea of a strong national government that promotes commercial interests versus the common man, he deserves to remain on the 10 dollar bill for the sake of his promotion of the central bank. There has been a huge debate on whether a central bank is needed in such an age of electronic financial innovation, but the latest financial crisis showed that we do need a central bank to mediate the money supply in a complex developed economy, especially in the cases where decisive action is needed in order to curb the excesses within a critical period in order to restore employment levels or inflation levels to more manageable amounts. Alexander Hamilton was ahead of his time in thinking when he promoted the First Bank of the United States and his equally superb ideas in the 'American School', which happened to be one of my first interests in the particular discipline of economics. For all those who criticize Hamilton as being a rash monarchist or a secret supporter of mercantilism, Alexander Hamilton was a great historical figure that influenced both the monetary history of the United States and the economic philosophy of a nation, and he 100% deserves to be kept on the $10 bill.