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Essay on te history of alexander hamilton
Essay on te history of alexander hamilton
Alexander hamiltons economic plan and disagreements with Thomas Jefferson
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After the new Federal Constitution went into effect, those supporting it split between Thomas Jefferson and Alexander Hamilton. The ones who chose Hamilton, supported his economic plan. Hamilton’s plan for the nation included consolidating the state's’ debts under the federal government. He issued a report in which he proposed that the Federal government assume and fund all of the debts. He would then pay it by issuing new bonds at an interest rate of 4% payable over 20 years.
The Hamiltonian Vision of paying of the national debt spurred conflict between the Jeffersonians and Hamiltonians, leading to a divide within the government and then into a greater divide between the states via economic direction. Alexander Hamilton's seemingly simple plan utilizes bonds and taxes to pay off the annual 4.6 million dollar expense of interest the States owe to prevent the overall national debt from growing. Revenue from sales tax and tariffs, combining for 5.6 million dollars annually, would cover the interest payments, while leaving a 1 million dollar surplus at the end of each year to put towards domestic objectives. This plan would only work if there was
After the Revolutionary War, most states went into debt because the finance of the Revolutionary War pushed out the taxes three or four times the level to help wage the war. Most American demanded the relief of high taxes and heavy debt. Alexander Hamilton "instituted a plan to get the brand new nation off on the right foot financially." Hamilton believed in debt because in order to establish credit you must have the ability to borrow in the future. Hamilton also wanted to establish a national bank to unify and stabilize currency called the Bank of the United State.
In 1789, Alexander Hamilton took office as the first United States Secretary of the Treasury. Hamilton believed in centralized government and wanted to create ways for the nation as whole to pay off all war debts, raise government revenues, and create a national bank. Amongst many of Hamilton’s duties as Secretary of Treasury; was to formulate a financial plan to alleviate the country’s hefty debt from the Revolutionary War. He believed that since most of the war debt was incurred by the States but for the benefit of the entire nation, the debts from the war should be assumed by the federal government.
Why did Hamilton believe a national debt would strengthen the United States and help to ensure its survival? Hamilton’s financial plan was based off on a plan based off on public credit or redemption and assumption. Alexander Hamilton wanted to buy back all of the loans in full, which is called funding at par. He wanted to make public credit apparent by uniting all the state’s debt into one united national debt, which means that none of the states are now responsible for paying their own individual debts. In addition, his view was that with this public credit, he can get good credit which would secure nice loans with the Dutch and British financieres, which would strengthen the United States.
Taking time to understand the formation of our country takes a lot of time, patience, and understanding as well as being willing to learn all of the different government systems. During this time, the thirteen colonies had a desire to be free from Great Britain due to taxation and other issue’s. In order to become free from Great Britain, the colonies had to sign a document which is known as the Article of Confederation. After the situation with Great Britain was solved, another problem had to be handled. One problem that the colonies had was making decisions with each other.
Specifically, Alexander Hamilton was focused on paying national debt that was incurred during the revolutionary war. Alexander Hamilton developed and was responsible for the first national bank of the United States, which was “designed to facilitate the establishment
I would have voted for Alexander Hamilton because from a young age you were able to tell that he was smart, well thought out, and extremely disciplined in every choice he made. And so when he entered the government this planning and knowledge of money and spends really helped to evolve the financial plan of the United States to what it is now. Without Alexander Hamilton`s ideas and aspirations of what the United States money system could do to support the country. You can also tell that with his history he cares about the people he would be affecting in his daily life. Alexander Hamilton was a Federalist.
With President George Washington leading the nation, there were two visionaries who helped shape our nation. Their opposing views aide in understanding where the Government stood and the economic visions of these two men in the 1790’s. Alexander Hamilton vision of leading the nation was to push the country forward, organizing, and more modern. Thomas Jefferson was an agrarian who believed in keeping order and only that congress should only take action when absolutely necessary. On December 14, 1790 Hamilton, the Secretary of the Treasury’s Report on a National Bank was introduced.
Hamilton wanted to create public credit with a treasury system, a national bank, a mint, and increase manufacturing which would help unify the country. On the other hand, there was Jefferson, who opposed a strong central government. He argued that the “wealthy would gain at the expense of ordinary Americans and that Hamilton’s political economy would corrupt the morality of citizens and undermine the social conditions essential to republican government”(Powerpoint). The country would opt for an approach closer to Hamilton’s views. One of the first acts was the National Banking Act.
Alexander Hamilton, the first Secretary of Treasury of the United States, had a lot going for himself being a man that came from poverty to success, and he was a man “all powerful and fails at nothing which he attempts” admitted a congressman in 1791 (Tindall and Shi). Born in the Caribbean in the West Indies, abandoned by his father and orphaned at the age of 13 by his late mother who had died. Later moved to New York, became a lawyer and transitioned to nationalism thus giving him the important role of handling the weight of the debt America had accumulated $54 million deep after the Revolutionary War (Digital History). Hamilton saw the need for some financial credit to be given to America and he had the right idea by proposing a National Bank to his first president George Washington. Word dispersed of that proposal leading a
Right now our country is truly suffering an economic disaster. The debt, which is continuously rising, will soon hit 20 trillion dollars. Yourself, Alexander Hamilton, is a man who proposed the Bank of the United States and served as the first Secretary of Treasury in George Washington’s cabinet which I feel gives you the credentials to attempt to solve our current day debt dilemma. Early you became one of Washington’s most trusted aid in the Revolutionary War. You also were the main writer in the Federalist Papers, which ensured the ratification of the Constitution (Celebrating Hamilton’s Achievements).
Tessa Nugent US History to 1877 Professor Gray 2/18/2018 Economic Genius After reading the Taking sides “The Hamiltonian Miracle” by John Steele Gordon. I have concluded that Alexander Hamilton is an economic genius of his time. According to John Steele Gordon, Hamilton’s knowledge of public finance helped him set a course for the American economy in a way that nobody else could.
Early America was similar to a small child: it could not always make the best decisions. When America was young, the government made many choices that did not always do good for the common people. Four examples of this were Alexander Hamilton’s economic plan, the Alien and Sedition Acts, Marbury v. Madison, and the War of 1812 (Danzer 184-185, 195, 199, 202-205, History.com 1-3, “Marbury v. Madison (1803)” 1-2) First, Alexander Hamilton’s financial plan almost instantly helped the U.S. government and lots of Northerners (mostly Federalists), but not the Southerners.
Each one had their own view of how to do this, but it was a main goal of both politicians. Alexander Hamilton was a founding father and leader of the Federalist party. Hamilton wanted America to be just like Great Britain. He believed that in the best interest for the country, the government should be run by elite people with lots of money. Hamilton was The United States Secretary of Treasury, during this time, and proposed many of his reform ideas to Congress.
