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.
He argued for a significant tariff on foreign goods, subsidies to industry and the exemption of domestic manufacturers from national taxes. Firstly, Hamilton was a strong advocate of the Tariff of 1789, which pushed to place a tax on foreign, imported manufactured goods. Hamilton argued that making foreign goods more expensive would lead to an increase in the buying of domestic made products, effectively increasing the domestic manufacturing economy.8 Although this tariff was not passed through Congress in 1789, it had a huge impact on the economic welfare of the early nation. This tariff showed how significant domestic manufacturing was going to be in order to create a successful nation.
Hamilton had a drawn out plan that Jefferson did not agree with, stating that assuming state debts
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.
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.
The topic of the night was the national debt crisis. Alexander Hamilton, a strong supporter of federal assumption, and James Madison, a loyal Virginian, were among the guests of this carefully calculated soiree. Personal motivations of wealth and power guided their conversations. Hamilton’s economic plan was devised to benefit the urban elite, who were, in his mind, the keystone of American economics. States like Virginia that had managed to pay off large amounts of their debt, now risked being charged more in new taxes under Hamilton’s plan.
This money had some financial power unlike continentals which were basically nothing. Hamilton also founded one of New York’s famous papers, “The New York Post”. This newspaper is still made and read today, and you can find it in stores now. (not sponsored) Hamilton is responsible for founding one of America’s first political parties, Federalists.
Hamilton pushed for America to raise tariffs on foreign goods. His way of thinking was that although people loved foreign goods, they would not buy them if they had to pay an additional tax on top of the original price, but instead, the people would buy more American-made products that would put a greater increase in the economy which was greatly needed due to the nation’s debt rising daily. Hamilton was a Northerner, which caused him to constantly strive for excellence and growth of the Northern states. The growth of the Northern states would rapidly increase due to the great demand for American-made products with no tax on them instead of the foreign goods with taxes on them. This would make Hamilton a very successful and promising leader for the Northerners to believe and have a greater trust in him.
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
¨A national debt if not excessive, will be to us a national blessing” a quote from Hamilton, the first secretary of the nation's treasury. Alexander Hamilton is an influential figure in history y taking one of the most important stands in American history. (Hamilton). There can be many different ways someone can take stand: a stand for their country, a stand for themselves, a stand for others, a stand for freedom. They all have one thing in common, they all stand for change.
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.
Of the founding fathers of our nation, history often remembers the ones who shaped our nation the most. Of course, history is shaped by those that survive, and so the hundreds of accomplishments that Alexander Hamilton was able to achieve in his short life time mostly go unremembered. The United State’s first Secretary of Treasury shaped the early economy of the nation in ways that still affect us today, yet, before the hit broadway musical about him, most people remembered him as the guy on the ten-dollar bill and the guy that Aaron Burr shot. Alexander Hamilton did so much more than that.
As read in Discovery Education. More soldiers were sent to protect the colonists as well, and their taxes paid for the provided protection. The Quartering Act also helped house any soldiers without barracks. From these taxes and so called “unfair acts”, many rallies occurred, cries of “No taxation without representation!” being a common
