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The Pros And Cons Of Alexander Hamilton

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The new United States had acquire roughly seventy-seven millions in war debt after american revolution. In effort of trying to develop a new government system, many had concern of giving too much power to the government that may result in tyrant as the king in England. Alexander Hamilton, a bright young man who later became George Washington’s secretary of treasury had a plan. He was the most important guy within the first ten year of the American revolution. Hamilton and James Madison have strong believe in establishing more power to the government is necessary for the new United states. Both men show up at Annapolis Convention in fall 1785 only to be disappointment dealing with weak, inexperience diplomats that were mostly farmers. Madison …show more content…

He envision the new banks and factories will generate more money to the new United States. First, he plans to consolidate both national and state debts and issue a new bond; which is loan given to government. Then issues new bonds. As a new government forms, they has the power to levy taxes on imported goods, whiskey tax etc to fund bonds. Hamilton took great advantage and make use of the new government power to pay off debts. Hamilton then plan for public credit. Credit to sell more bonds to the public. Another deal is struck, Alexander then propose to set up a National central bank for the U.S also known as Bank of United States. The bank would have fiscal agent for federal government. The bank would be a charter corporation that is eighty percent privately owned and twenty percent federally owned. The bank would also have power to issue money backed by the federal government. Hamilton’s third plan is report on manufactures. His economic vision was to build factories to encourage trades with other countries to raise revenue. It will also provide jobs for the people in United States and potentially entice immigrants migrate to United

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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.

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The Hamiltonian Vision of paying of the national debt spurred conflict between the Jeffersonians and Hamiltonians, leading to a divide within the government and then into a greater divide between the states via economic direction. Alexander Hamilton's seemingly simple plan utilizes bonds and taxes to pay off the annual 4.6 million dollar expense of interest the States owe to prevent the overall national debt from growing. Revenue from sales tax and tariffs, combining for 5.6 million dollars annually, would cover the interest payments, while leaving a 1 million dollar surplus at the end of each year to put towards domestic objectives. This plan would only work if there was

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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

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Hamilton believed that wealthy Americans would provide political support to the government and his plan in general would help pay off the debt to merchants who they owed most of their debt to. However, the debt would have to be paid by through taxes by the American people. Hamilton thought money and wealthy Americans would solve all of their problems concerning debt, and that in result would secure the government. Unfortunately, most Americans were not the wealthy

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as well as the states, which were very separate from each other in many aspects, so with the creation of a national bank Hamilton sought to address all these issues. The way Hamilton planned to do this was by assuming having the national bank assume the debt of all the states, resolve the concerns over fiat currency that was issued by the continental congress and raising money. So, by doing this Hamilton was not only getting the states to feel invested in the government, but also the speculators since they needed the government to pay off the bonds that were issued, and by paying the money owed to foreign creditors, the U.S. would start becoming a reliable partner; in other words, yes, the national bank was essential, a necessity to the well-being of the

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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

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