As the first president of the United States, George Washington’s effect on the United States is undeniable, but that does not mean Washington’s presidency was left without controversy and unsolved issues. After the American Revolution, the primary focus of the government was to lay a foundation for the foreseeable future. Because the Articles of Confederation was too simple and made it nearly impossible for the government to tax the people and generate revenue, Washington was left with an intimidating task. Washington established power through the federal government by creating necessities such as a National Army and a National Bank. Unfortunately, due to the short time for the abundance of issues with the country at the time, Washington was …show more content…
The United States was obligated to pay off soldiers who fought in support of the Revolution and people who issued the government war bonds. In order to resolve this issue, Washington established the first Presidential cabinet, most importantly appointing Alexander Hamilton Secretary of the United States Treasury. First, Hamilton realized it necessary to create a national currency and then a National Bank. In order to accomplish his goal, Hamilton planned to shape financial policies in favor of the wealthy; in return, the wealthy would favor and support the rising government financially and politically. For example, Hamilton intended to pay off war bonds and soldiers by issuing new bonds with high risk, but with very high rewards for those who bought. With “a then-enormous total [debt] of $54 million”, many critics believed “the Treasury was incapable of meeting those obligations that government bonds had depreciated to ten cents on the dollar” (Kennedy, 183). Hamilton was able to carry his risky “fund at par” plan only by gaining the trust of the wealthy. Soon after, Hamilton proposed “a powerful private institution, of which the government would be the major stockholder and in which the federal Treasury would be able to deposit its surplus monies” (Kennedy, 185). After another wave of opposition, most notably by Thomas Jefferson, Hamilton was able to gain …show more content…
Under Washington’s presidency, challenging the belief of slavery or the two-party system in Congress never took place. Important founding fathers in the Washington administration such as Thomas Jefferson admit slavery is inhumane, but do not publically advocate to abolish slavery; in fact, the Naturalization Act of 1790, under Washington’s supervision, unanimously decides without debate that African-Americans cannot apply for citizenship (Kennedy, 208). As a result of neglecting slavery, this leads to tensions to rise until the climax of the Civil War of 1863. Also, when Washington takes office in 1789, political parties were non-existent (factions were previously existent). In Washington’s Farewell Address, he cautions the two-party political party system, but while in office does not take action. Under Washington’s watch, the early stages of a Republican vs. Democratic government standstill took place. At one point, even the “Founders at Philadelphia had not envisioned the existence of permanent political parties”; later, this problem emerges to the extent that “organized opposition to government seemed tainted by disloyalty” (Kennedy, 186). Since Washington’s presidency, there has not been an independent President and many people involved in the government are unable to put
A lot of nation’s investors found this alluring. It would also tie them to the new national government, since they would want that them to survive so they could get paid on their investment. Jefferson and Madison opposed Hamilton’s debt funding plan. They believed that
In this position Hamilton’s main focus was to repay the nation’s heavy debt from the Revolutionary War. He strongly believed that the “debt of the United States… was the price of liberty.”
During the revolutionary war, America paid her citizens who supplied for the military with notes. These notes represented actual money that would be repaid in full to all note-owners once America’s treasury had recovered. This caused problems after the war because many of these notes were bought by investors for a fraction of their face value. These notes became so prominent that the states soon owed over 50 percent of their post-war debt to American citizens. Hamilton believed a federal bank would keep the economy stable through the use of paper currency.
In the 1790s, the first Secretary of the Treasury, Alexander Hamilton and fellow Federalists wanted to protect the United State's economic future through several different means; namely, the creation of a national bank, maintaining good financial credit, and by developing a lasting economic system. The United States was in turmoil, still rebuilding from their recent detachment from Britain. The United States government was in shambles, its economy arguably in an even worse one. It was for that reason that president George Washington elected Alexander Hamilton to develop a sound economic plan for the United States. Hamilton and his fellow Federalists had many ideas for improving the economy; however, the Republicans or Anti-Federalists, were disinclined to agree with their federalist counterparts due to opposing views on government authority.
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
In 1789, Alexander Hamilton took office as the first United States Secretary of the Treasury. Hamilton believed in centralized government and wanted to create ways for the nation as whole to pay off all war debts, raise government revenues, and create a national bank. Amongst many of Hamilton’s duties as Secretary of Treasury; was to formulate a financial plan to alleviate the country’s hefty debt from the Revolutionary War. He believed that since most of the war debt was incurred by the States but for the benefit of the entire nation, the debts from the war should be assumed by the federal government.
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
After a fiercely fought revolution, the newly independent American nation struggled to establish a concrete government amidst an influx of opposing ideologies. Loosely tied together by the Articles of Confederation, the thirteen sovereign states were far from united. As growing schisms in American society became apparent, an array of esteemed, prominent American men united in 1787 to form the basis of the United States government: the Constitution. Among the most eminent members of this convention were Alexander Hamilton, Aaron Burr, James Madison, and Thomas Jefferson. These men, held to an almost godly stature, defined the future of the nation; but were their intentions as honest as they seemed?
During the 1790’s, the young republic faced many of the same problems that confronted the newly independent nations of Africa and Asia in the 20th century. Like other nations born in anti-colonial revolutions, the United States faced the challenge of building a sound economy, preserving national independence, and creating a stable political system which provided a legitimate place for opposition. In 1790, it was not at all obvious that the Union would longer survive. George Washington thought that the new government would not last 20 years. One challenge was to consolidate public support.
President George Washington appointed Alexander Hamilton as the Treasury Secretary and Hamilton took it upon himself to develop an economic structure for the United States. Hamilton used a strategy of loose construction for the interpretation of the constitution.
George Washington’s Presidency George Washington, as every American has known since around pre-school, was our nation’s first president. But what if we didn’t have a president? Maybe a king, or even a theocracy? Originally, George Washington thought that maybe a constitution may not work, and a ruling elite may even work better (William P. Kladky). The Constitutional Convention had many long and heated debates on how to best create their government to give equal power to all branches of the government, and a board of three was one of the contenders (William P. Kladky).
Hamilton nearly killed himself fulfilling these requests, but he did so brilliantly and completely, in turn exhausting congress going through them meticulously. He dazzled them with his brilliance and many were simply intellectually incapable of comprehending his plans. Not content to establish the customs service and the coast guard, and create a stable monetary system for the new government, Hamilton also dabbled in the affairs of state, much to the chagrin of Thomas Jefferson. He was once again an indefatigable assistant to Washington. Hamilton left the cabinet after Washington’s first term, returning to his New York law practice to repair his family finances, but Washington continued to rely upon him, as did many other cabinet members.
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.
A meeting was called up, number of delegates have met in Philadelphia to discuss/construct a new form of government. Here is where George Washington became America’s first president and a new government was formed. George Washington was a leader of integrity and respected all his people and their rights, he lead by the land of the law (the Constitution). The system had been very successful, the national government had an increase in power in which the civilians were no longer allowed to do as they please. It had created boundaries between the two.
Hamilton 's monetary course of action for the nation included working up a national bank like that in England to keep up open credit; cementing the states ' commitments under the focal government; and initiating guarded tolls and government enrichments to empower American makes. These measures fortified the administration 's vitality to the hindrance of the states. Jefferson and his political accomplices limited these progressions. Francophile Jefferson expected that the Bank of the United States addressed an inordinate measure of English effect, and he battled that the Constitution did not give Congress the capacity to set up a bank. He didn 't assume that propelling produces was as basic as supporting the authoritatively settled agrarian base.