Alexander Hamilton: Financial Plan

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After the Founding Fathers ratified the Constitution, they realized that they had to deal with sixty-three million dollars debt that they owed to those who took part in the American Revolution. In order to pay back this debt Alexander Hamilton created a financial program. However, some Republicans such as Thomas Jefferson and James Madison thought that his plan was unconstitutional because one would need to use the necessary and proper clause which most people feared because it gave the government too much power. This, however, is not so Alexander Hamilton’s financial plan however was mostly constitutional because it allowed it to use the powers as well as responsibilities congress already had such as print its own form of currency, issue…show more content…
This could have been done because of in the Constitution, (I, 8, 1), congress had the power to tax. He also proposed the creation of the national bank. This too could have been done through the necessary and proper clause because the national bank would help Congress to use its other powers like coin money and regulate commerce. The third and final report was the report on manufacture. In this Hamilton proposed a
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