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
Why did Hamilton believe a national debt would strengthen the United States and help to ensure its survival? Hamilton’s financial plan was based off on a plan based off on public credit or redemption and assumption. Alexander Hamilton wanted to buy back all of the loans in full, which is called funding at par. He wanted to make public credit apparent by uniting all the state’s debt into one united national debt, which means that none of the states are now responsible for paying their own individual debts. In addition, his view was that with this public credit, he can get good credit which would secure nice loans with the Dutch and British financieres, which would strengthen the United States.
Although it can be argued that Thomas Jefferson’s government policies were better than Alexander Hamilton’s, Hamilton, overall, had the better policy because of his persistence to progress, his federalist beliefs, and his understanding of the issues with Jefferson’s trust in the common man’s morals. Thomas Jefferson can be described as a leader who lived in the present*, whereas Alexander Hamilton had his vision set on the future of the country. He saw America’s strength lying in its commerce, and saw industry, trade, and manufacturing as forces of progression. In order to fuel the nation’s success in the global marketplace, a strong federal government would be needed. Hamilton supported a powerful central government because he recognized that
Specifically, Alexander Hamilton was focused on paying national debt that was incurred during the revolutionary war. Alexander Hamilton developed and was responsible for the first national bank of the United States, which was “designed to facilitate the establishment
Alexander Hamilton and the Federalist had different ideas did Thomas Jefferson and the Republicans. (Schultz, K. M. 203). The Federalists believed they could learn a lot from Great Britain and that the United States should be designed like England 's government. they wanted centralized bank and Federal Constitution.
One of which was Alexander Hamilton, with his ideas along with the six other founding fathers, The United States became solid and strong. Alexander Hamilton played an important role in the founding of the federal government,
Each one had their own view of how to do this, but it was a main goal of both politicians. Alexander Hamilton was a founding father and leader of the Federalist party. Hamilton wanted America to be just like Great Britain. He believed that in the best interest for the country, the government should be run by elite people with lots of money. Hamilton was The United States Secretary of Treasury, during this time, and proposed many of his reform ideas to Congress.
Hamilton believes in strong federal government and weak state governments. He also wants to favor rich people and insist on rich should rule the country and he has a loose interpretation of the constitution. Hamilton dreams towards country economy should
Alexander Hamilton wanted to have the U.S.A to be a business
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.
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
Alexander Hamilton believed that America should have a strong central government and that the power should be in the federal government. He favored a strict interpretation of the constitution and believed the government should make the decisions. Alexander Hamilton believed a strict interpretation of the constitution was best for the people because, he believed that people were selfish and needed a strong central government. Alexander Hamilton believed that America should focus on manufacturing products instead of farming. He also wanted to focus on the growth of small company’s or, “infant industries”.
“Hamilton’s background would always set him apart and give him an outlook on life and politics the other Founding Fathers did not share”(Gordon,50). Hamilton helped shape Washington’s foreign policy. Hamilton advised Washington on the Neutrality Proclamation, which declared that America would not become entangled in affairs but be friendly with both
Alexander Hamilton was a Federalist who believed in his loose Constructionist views, a support for manufacturing and trade, and a strong national government. Thomas Jefferson, a Democratic-Republican, believed in his strict Constructionist views, a support in agriculture, and a strong state government. These two both played impacts on the Early Republic. However, Hamilton’s views on the Constitution, the central government, and an ideal economy greatly influenced the formation of the United States in the Early Republic times. Hamilton’s loose constructionist ideas overrode Jefferson’s strict constructionist views, as seen in the National Bank.
