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The advantage and disadvantages of hamilton's economic plan
The advantage and disadvantages of hamilton's economic plan
A biography of alexander hamilton (1755-1804)the reports on public credit i analysis
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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.
Chapters nine and ten explain the huge national debt, debating about ways to fix the problem they wanted the government to undertake the entire debt of the federal government and the states, congress got together to find a solution, the plan was to retire the old and borrowing money at a lesser interest rate, referred ass the Hamilton tax plan. In chapter eleven following twelve Jefferson describes how uttered he is with how excellent the economy has developed hastily in the small period of 1791-1792. This chapter also presents polished Photos of Philadelphia in 1800 using them as examples of the development in the constitution since the first term, at the same time describing the negative effects deadly yellow fever hade in the society and the economy income in the city of Brotherly. Federalist James Madison influenced the development of bonds of the party in the early Republic being describe as the father of the constitution bringing the upcoming of the bill of rights, described him of owning hundreds of slaves during his period. Chapter thirteen principles skillfully described the shapes of rivalry between American parties during the time it was held in systems that led to the representation of the United States back to solid trade and business with Great
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
In 1791, Treasurer Alexander Hamilton proposed the First Bank of the United States, also called the First Bank, which, with the necessary-and-proper clause, allowed the government to act on the four rights stated in the Constitution: “the rights to collect taxes, borrow money, regulate trade among states, and support fleets and armies.” The charter of the First Bank caused a debate that Secretary of State, Thomas Jefferson, a large opponent of a central banking system, later described as “the most bitter and angry contest ever known in Congress before or since the union of the states.” The intensity of it is conveyed in “Cabinet Battle #1” in Hamilton: An American Musical, in which the debate between Hamilton and Jefferson is recreated in
However, Hamilton, our first secretary of state, Thomas Jefferson usually never agreed with each other, but that didn’t stop Hamilton to create our first National Bank that was submitted on December 14, 1790. Unfortunately, not everybody liked Hamilton’s ideas because in 1804 Hamilton had died. (“Alexander Hamilton”). After Hamilton's death in 1804, Jonathan Dayton who was elected a seat in our first Congress, he still supported “Hamilton’s financial program” and was “pressed for suppression of the Whiskey Rebellion” (“Jonathan Dayton”). In the end, Hamilton showed leadership by creating our first National Bank, fought in our war like Odysseus fought for his men on his journey home from the Trojan, and wrote two-third of our new
However, the Louisiana Purchase created an additional 15 million dollars to the US National Debt, and this debt was one that the United States could not afford. To fix the problem of the National Debt, Jefferson, who had previously said in Document C that “The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution”, used Alexander Hamilton’s idea of using the National Bank to pay of the debt. Jefferson, going against the very opinion he stated of the National Bank not being Constitutional, used the National Bank to pay off most of the debt, which went against Republican belief on the lessening of taxes the people and also the prevention of a creation of a National Bank. In Document J, Jefferson asks permission from congress to send an expedition group to explore the Louisiana territory that he bought extra-constitutionally. Congress now had no choice but to deal with a matter that they had no decision in prior to it.
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.
All through his book Gordon explains how the debt has influenced and shaped the history of America economy. Hamilton wanted to reshape the American economy, thus he proposed the virtues of the national debt claiming that when it is limited it may be a national blessing. While providing the audience with a history of the American debt, Gordon aims at proving Hamilton 's beliefs. Indeed, the author wants to show that if the debt is used wisely, it may turn out to be a useful political and economic instrument. To support the assertion that the budget deficit is not necessarily evil, he includes different events of the American history.
Odysseus would not be considered a hero if he lived in modern times. Nowadays, heroes do things a little differently than back then, but what exactly do heroes do? Do they go missing for twenty years, get all of their crew killed, wreck their own ship, all to return home and kill more people? Nope, didn’t think so, but that’s exactly what Odysseus did, and they want to consider this guy a hero. Odysseus did a lot of damage over the years, causing him to not be a hero.
He successfully argued for the assumption of state debts by the federal government and the establishment of the first national bank – a private, but partially government-owned institution. He firmly established the principles of financial trading. Due to his efforts, the creditworthiness of the United States was restored. Hamilton’s accomplishments as Treasury Secretary were not achieved without a struggle. His congressional opponents tried to exhaust him by demanding detailed reports on the workings of the treasury department with incredibly short delivery dates.
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
Alexander Hamilton’s economic plan to ensure America’s survival was successful overall, but the most important part of his plan was his proposition of a National Bank. The National Bank would increase the amount of spending by colonists by issuing loans to those who needed them, bringing more revenue to the country. Although, Hamilton’s idea to pay off foreign debt would also help the United States to have a better credit rating to other foreign nations, and would give us an opportunity to seem reliable should the U.S. ever need the help of another nation concerning finances. The National Bank would ensure that the United States finances were organized and set up so that the government could offer financial aid to the colonists when needed.
During the 18th century, the economy of the United states was practically underwater due to the very expensive war the U.S. had recently ended, known as the “Revolutionary War”. The enormous debt the U.S. acquired was hindering. Determined to make a change, Alexander Hamilton
As a strong federalist, Alexander Hamilton thought the only way that the federal government could get the economic supports was to make those businessmen believed that they absolutely would earn the interests from the government. Therefore, Hamilton started his economic plans. First, he wanted to government to pay oft national debt, because it was the way to consolidate the credits. The government already had owed a lot money to those people. Then, his proposal was to pay the debt which was in the country, to pay the government bonds in full, so citizens would not lose the confidence to the government, and this way would help to reduce some resistance for the center.
