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How Important Are We The Federalists

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The Federalist wants the obligations by obtaining new money at a more lower interest rate. The next step in the plan is to create a national bank, which was based off after the Bank of England. The national bank that Hamilton’s plan to repay our debt is by making the bank be able to collect our taxes, and also the national bank should be able to store government funds, and be able to let the government borrow money to the government, which they will have to pay back eventually. Congress is not given but should have the power to create banks because the Constitution states that the federal government authority to do anything that is necessary to carry out the constitutional functions is extremely important. Hamilton's debt program will be a remarkable success, and if this plan is …show more content…

Throughout our history we have seen so many people put their own interests and personal gains above patriotism and the needs of our country especially for example ,during the revolutionary War. People tend to be selfish and is usually out for themselves. We the Federalists do not trust any system of the government that involves in giving too much power to our people. This kind of system usually only leads to more error, confusion, and chaos. The best kind of form of government is a country that should be governed only by the educated, wealthy, and public-spirited men. The Federalists has the education, and background to run the country more wisely. Also for example someone from a lower class

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He promoted assumption of the states debt, which in turn, chained the states to the federal government and shifted the attachment of wealthy creditors. Though despite southern states protest, that it was unfair that some states received a free pass, since many of them had already paid their debt off, Hamilton’s plan was still approved. Hamilton went on to propose and create the Bank of the United Sates, The federal government ended up owning one-fifth of the bank, allowing them to control large sums of money, with little room for opposition on how and where it went. Despite Jefferson argument that there was no authorization in the constitution for such an economic octopus, Hamilton argued that the bank was not only necessary but also proper. This is turn evolved the theory of loose construction by invoking the elastic clause of the constitution- a model for enormous federal

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A publicly funded debt contributed to national government stability. Previously, the treasury must not deal with Confederacy Era debt, although Hamilton suggested Congress to redeem fifty-five million dollars to foreign banks, soldiers, and contractors. The Republican ideology regarding debt was that America must pay it off and that states are responsible for their own actions. However, Hamilton’s response to the debt was to fund it, rather than paying it all off. He believed that debt is good, which was a contrast to the Republican ideology.

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1040 Words | 5 Pages

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