The paramount problem facing Hamilton was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.
Q. How did the United States develop a two party system?
Although the Founding Fathers of the United States did not originally intend for American politics to be partisan, early political controversies in the 1790s saw the emergence of a two-party political system, the Federalist Party and the Democratic-Republican Party, centred on the differing views on federal government …
Q. Why did Thomas Jefferson disagree with Alexander Hamilton’s economic plan?
Thomas Jefferson opposed Alexander Hamilton’s financial plan because he thought it was too expensive, that it gave too much power to the federal government, and because he favored a vision of America as a nation of small farmers, not industrial workers.
Q. What is Hamilton’s argument in support of his financial plan quizlet?
What is Hamilton’s argument in support of his financial plan? The union gets a new line of credit.
Q. What were 5 parts of Alexander Hamilton’s financial plan quizlet?
Terms in this set (5)
- Establish new nations credit worthiness(permanent debt)
- Creation on a new national debt.
- Creation of a bank of the United states.
- Raise revenue through taxes(whiskey)
- Imposition of a tariff and government subsidies.
Q. How did Alexander Hamilton justify his argument for a national bank quizlet?
How did Alexander Hamilton justify his argument for a national bank? Hamilton stated that since the government was responsible for taxes and tariffs, it needed a place to keep the money. Therefore, he reasoned that the Elastic Clause gave the government the power to create a national bank.
Q. How did Alexander Hamilton justify his argument for a national bank?
Hamilton believed a national bank was necessary to stabilize and improve the nation’s credit, and to improve handling of the financial business of the United States government under the newly enacted Constitution.
Q. How did Alexander Hamilton deal with the issue of state debts quizlet?
Hamilton wanted the government to repay both federal and state debts. He then planned to issue new bonds to pay off old debts. As the economy improved the government would then be able to pay off the new bonds. James Madison led the opposition.
Q. What methods did Alexander Hamilton use to balance national debt quizlet?
What methods did Alexander Hamilton use to balance the national debt? he used bonds as methods to balance the national debt. You just studied 24 terms!
Q. What methods did Alexander Hamilton used to balance the national debt?
He proposed to fund the debt through a gradual schedule of dependable tax resources, assume state debts as a measure of good policy, and generate new revenue through western land sales and taxes on luxuries—notably, booze.
