How Did Louisiana Purchase Contribute To Hamilton's Transfer Of Power
From the time the Constitution was adopted in 1789 to the Missouri Compromise in 1820 a shift in power occurred, this resulted in an expansion of the national governments authority over political and economic matters at the states expense. Hamilton’s economic policies, Marshall Supreme Court decisions, and the Louisiana Purchase were the fundamental factors that lead to this transfer of power. Though not without a fight from the Jefferson Democratic Republican party who supported a limited government and a strict construction, whereas the ultimate contributors to this exchange, the federalist, wanted to extend the powers of the government in order to create institutions that could strengthen the new country. However, despite opposition and pleas against these matters, the means and support behind the federal government proved to strong to prevent this sway and power. …show more content…
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
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526 Words | 3 PagesHamilton's economic plan turning point was on the promotion of manufacturers and commerce. While Hamilton distrusted popular will and believed that the federal government should use considerable power in order to steer a successful course, Jefferson placed his trust in the people as governors (Holmes). Hamilton's plan was to establish a bank like the one in England to maintain public credit; strengthening the states' debts under the federal government, and enacting protective tariffs and governments subsidies to encourage American manufactures. All these measures strengthened the federal governments power at the expense of the states. Jefferson opposed these views from Hamilton he feared that the Bank of the United States represented too much English influence, and argued that the constitution did not give congress the power to establish a bank.
Missouri Compromise Research Paper
328 Words | 2 PagesThe Missouri Compromise was a significant turning point in United States history, it lead to many discussions on slaves civil rights, the Dred Scott decision, and the Kansas-Nebraska Act. In a sense, the Missouri Compromise impaired the unity of the United States and was the original fuel for the civil war. As states were expanding westward after the Louisiana Purchase, so was the debate of slavery. The North did not rely on slavery because it was unprofitable after the American Revolution.
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242 Words | 1 PagesPrior to the events of Bleeding Kansas that begun in 1854, the United States followed a strict policy of compromise in regards to it’s political decisions. Being a relatively newly founded country a great deal of care was given towards pleasing the citizens of the United States, through compromise, in order to maintain a stable society. This is specifically evident in the Constitutional Convention of 1787, the Missouri Compromise of 1820, and the Compromise of 1850. These events helped to maintain the stability of American society for a time. However, as the nation developed further there became apparent divides on many matters, but mainly over slavery.
Alexander Hamilton's Fiscal Policy Essay
472 Words | 2 PagesThe reason this debt was hanging over the United States was because of the expensive Revolutionary War that they had just been involved in. Referencing the report on National Bank Hamilton’s genius plan recommended the creation of the First Bank of the United States. This First Bank was supposed to establish public credit and improve the power of the national government of the United States of America, also expand the flow of legal tender and national debt through some issuance of federal bank notes. In Hamilton's theory, the bank would hold government funds, manage its debt, and loan this same money back out in hopes to help in the recovery from the financial burdens the US held. This Bank would also help to "stimulate the economy" (Cowen, Wright, 2006).
What Was Hamilton's Financial Plan
157 Words | 1 PagesThe Bank of the United States was a necessity that our nation could not do without because it created a national currency, created new money through borrowing, and expanded the national economy. The bank would be the capstone of Alexander Hamilton 's financial plan. His plan was for the states debts and federal debts all be assumed by the federal government under the impression that it would bring the states closer to the national government. The willingness of the American people to repay their debts drew the attention of foreign investors. While the first part of Hamilton 's financial plan was successful, many people were still opposed to the idea.
What Is Alexander Hamilton Necessary?
961 Words | 4 PagesAlexander 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
Louisiana Purchase Thomas Jefferson Analysis
805 Words | 4 PagesIn the past, Jefferson had a strict and literal interpretation of the constitution, unlike his rival, Alexander Hamilton of the Federalist Party. Hamilton used the elastic clause of the constitution to justify his pushes for a national bank, a backing scorned by Jefferson. However, in 1803 when Bonaparte proposed his price for the massive trek of land, including the critical Mississippi river and New Orleans port, Jefferson called upon this elastic clause in his validation of the constitutionality of the purchase. Nowhere in the constitution did it permit the president to make land purchases, but Jefferson argued that the addition of the land was “necessary and proper” to the democracy, thus permitted by the elastic clause. Jefferson’s change in doctrine reflected a turning point in views of the Jeffersonian party, moving towards a stronger and more centralized federal
Summary Of Hamilton's Blessing
1403 Words | 6 PagesThe creation of the first bank in the United States prompted a political debate which started in 1791, and went on in the following years. Hamilton’s plan foresaw a bank provided with special powers and privileges, which gave birth to a wide opposition. Although Hamilton 's idea continues to exist in today’s economic environment, at that time his proposal was met with widespread resistance from individuals such as James Madison and Thomas Jefferson, who considered the creation of a federal bank as unconstitutional. Following to a broad interpretation of the Constitution, Hamilton argued that in order to have an effective bank, Congress should be provided with all the powers required. Jefferson disagreed with Hamilton, and claimed that the establishment of such a bank was not consistent with the powers that the Constitution granted to Congress.
George Washington Dbq
1561 Words | 7 PagesAlexander Hamilton wanted to create a national bank to pool all of the country’s debt together. This would be beneficial because the bank would be able to collect taxes, create one currency, and make loans. This grew into a problem because a national bank was not mentioned in the Constitution. Thomas Jefferson especially opposed the National Bank, and made a statement that declared “It [gave it] the sole exclusive right of banking under the National authority … [was] against the laws of monopoly … to [grant it] a power to make laws [superior] to laws of states … [is wrong]” (Document 2). It started to become controversial because many people interpreted the Constitution differently.
Jefferson Vs Hamilton Case Analysis
1092 Words | 5 PagesIf it would have been adopted, it would ensure that power rested on the people, and that they would never be at the mercies of the state and the federal government (Broadwater, 2012). However, the acute vision of Hamilton prevailed, making the American people not to have an access of the wide array of privileges they had widely anticipated. If the financial debt plan had worked, it would also limit unnecessary spending by the national government, and ensure that people had a say on the things that mattered mostly to them. The weak central government would act as an overseer of the states, and would not be domineering in their affairs as it has been since Hamilton’s death (Mattern, 2005). This would also ensure that the American people had an increased autonomy from the political class, and ensure that they are free to engage in their daily activities without interference by the various federal programs that were proposed and adopted courtesy of Hamilton.
Thomas Jefferson's Argument Analysis
154 Words | 1 PagesThe main point of Thomas Jefferson’s argument is that the power of the United States to create a national bank is not stated in the Constitution. Because the power is not specifically enumerated, it is unconstitutional. The main point of Alexander Hamilton’s argument is that there are many things that the United States may not do, but creating a national bank is not specifically stated, making it constitutional. Hamilton is building his argument on the tenth section of the first article of the Constitution.
Confederation Problems
1211 Words | 5 PagesMany believed that the adoption of the union had alleviated all problems surrounding independence but later realized that it was crumbling right before their eyes. Following the Declaration of Independence, Continental Congress became aware that it was a necessity to form a national government. During the discussion for a new government, many problems were encountered. One of the issues that was faced dealt with the question as to whether representation and voting would be would be portioned out or would it be done by each state. This caused some problems and delays for the constitution but after Philadelphia had been captured by Britain, this became a matter of urgency.
The Federal Reserve System
1233 Words | 5 PagesThis great breadth of this dynamic system ensures the general stability, uniformity, and solvency of the American economy. This validates Hamilton’s belief in the necessity of the federal system to help the public good. In today’s society, the Federal Reserve System plays the same roles in the economy that it did when the First and Second National Bank were established; however, it also takes on many more responsibilities in this economy in order to promote things such as economic growth, safety of
Alexander Hamilton: The Most Important Figure In American History
876 Words | 4 PagesHe 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.
The Economic Crisis In Hamilton's Blessing
1481 Words | 6 PagesIn order to pay such debts back, Hamilton created the federal bank and convinced the Congress to issue federal bonds. This way the federal government could make interest payments on time, build credit while keeping the inflation from rising. Hamilton thought that the national debt could be a useful tool in order to create capital while letting the American industry to be highly competitive in foreign trade. In his book, Gordon also recalls that soon after the 1812 War the seventh President of the United States paid off the government debts thanks to surpluses deriving from high tariffs. Then, he explains that the introduction of the first Federal income tax in America during the Civil War proved to be decisive in order to investigate how to distribute the tax
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