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Hamilton’s background |
Was a former indentured servant Fought in the revolutionary war Federalist (someone who supports a strong central government) Helped write the federalist papers (to gain support for the ratification of the constitution) 1st treasury secretary Killed in a duel by Burr |
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What was going on at the time |
American debt was SUPER HIGH!! |
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Hamilton’s Report on the Public Credit |
Called for dealing with the debt problem Wanted support from the wealthy |
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Hamilton’s Report on Manufacturing |
Hamilton favored American manufacturing and industry He wanted to protect and stimulate American businesses through tariffs (taxes on foreign/imported goods) |
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Hamilton’s Plan |
Excise tax (tax on manufactured goods). Tax on whiskey ➡️ whiskey rebellion (was quickly crushed demonstrating the strength of the new federal government under the constitution) Bank of the US: would be a private bank with the government owning stock. Led to conflict between Hamilton and Jefferson. Wanted to pay off debt at face value PLUS interest (rich people bought up bonds when they were cheap and so then made tons of $$$) Wanted the national government to take on state debts incurred under the revolutionary war (favored by states with large debt. Not liked by states that had little to no debt) Wanted the country to always have debt. The more people the US owed $ to, the more people would want to see the Us succeed Tariffs. Designed to raise revenue for the government and protect American industries |
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BUS |
Jefferson advocated a strict interpretation of the constitution Hamilton advocated a loose interpretation of the constitution (pointing to the elastic clause) Washington sided with Hamilton |
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Washington DC |
Moved to the south to gain support for the financial plan from the south |
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