The Assumption Proposal

During George Washington’s presidency of our new nation, there was a large disagreement between his Secretary of Treasury, Alexander Hamilton and his Secretary of State, Thomas Jefferson on several economic and political challenges.To get the nation out of extreme debt, Hamilton came up with a financial plan that included the creation of a national bank. This national bank would be a safe place to deposit government funds, a source of loans for the government and businesses, and the creation of a national mint. However, Jefferson was strongly opposed to the idea of a national bank, he believed it was strictly against the Constitution and would give the federal government too much power. Hamilton argued that Article I Section 8 of the Constitution

Fixing financial policies is very important. A national bank would establish financial policies. This bank is chartered under the Federal government. Hamilton believed in the need for banks to fix financial problems such as providing credit to people and to stimulate the economy. The Federalist party funding the old revolutionary wars debt and the state's debt. “The Senate passed it handily on January 20, 1791, and the House followed in early February” (pbs.org). This shows that hamilton's bank plan easily went through congress and it was passed. After all this information lets

Hamilton wanted us to start to push our own goods. Industrialization was essential in his views. (Farless) He believed that a strong government would provide a good business that would allow industries to grow. He established a National Bank and funded the National Debt so that the United States would have a national credit that would standardize a national currency. Hamilton argued that the bank would provide stability to the specie-starved American economy by making loans to merchants, handling government funds, and issuing bills of credit; much as the

After the Revolutionary War the economy was not thriving. Paper money that had issued during the war was basically worthless, and there was a debt. These issues needed to be resolved and James Hamilton was the man whose hands this task fell on. Hamilton's plan was to retire old obligatuons and to borrow money at a lower interest rate. Hamilton proposed that teh government take all of the debt of the federal government and all the states. Many states that had already paid off their debts did not understand

Hamilton was appointed by President George Washington as the first Secretary of the Treasury Department. Hamilton was a Federalist and wanted a strong central government which means it should have more power than the states. Hamilton believed in a loose interpretation of the constitution which means the document allowed everything if it did not forbid. During the French Revolution, Hamilton supported and was an ally of Britain. Hamilton wanted elite rule America. The Federalist Party would be one of the “rich, the able, and the well-born” (Foner, Give Me Liberty, I, 295) as Hamilton stated. Hamilton favored a close relationship with Britain and he wanted America’s economy like Britain where trade and manufacturing were priorities. Hamilton desired to develop the economy and financial stability of the United States, so he established an economic five-program in 1790 and 1791. The first part was to establish the new nation’s credit worthiness which means people

30, Alexander Hamilton writes all about taxes and taxation in this essay. He has much to say about taxes and the good that they are doing in shaping the nation. He believes that the power to collect taxes when necessary is extremely important for the governmental success. Recently, someone tried to pick apart this essay and state that some senators had the power to limit that excessive amount of spending that the goverment has been up to lately. However, this essay came back into play and proved that idea wrong. Everything was set back into place because of Hamilton's brilliant

Hamilton’s economic policies were a plan of economic nationalism, in which Hamilton intended to solve the economic problems that had been destroying the United States since the American Revolution. He began with the Report on the Public Credit. The Report on the Public Credit was one of three major reports on economic

Out of all the obstacles that the federalists had faced, the economy was, by far, the most problematic and the most difficult to find a solution for all parties. The country was not in a very stable position because of the recent crises like the whisky rebellion, or money-producing ideas such as bonds. Hamilton, Madison, and Jefferson played major roles in establishing the economy of the United States at the time, and also had a large role in the development of today’s government and economy. Without the ideas of these men, the United States economy may have the same problems today that the federalists faced then. And in the end, even though the idea of a national bank was redundant, that is what removed the United States from

Everyone has heard the name Alexander Hamilton, but few are familiar with his views and actions regarding the survival of the young American republic. He could be recognized for anything from serving our fledgling country by fighting in the New York militia; to serving his community as a lawyer and as a national tax agent; to beginning his

Due to the weak powers and poor economic state resulting from the Articles of Confederation, Hamilton took the opportunity, under the new Constitution, to fix these issues. As a result, many controversial, yet positively-resulting actions were taken. For one, an excise tax was placed on domestic goods in order to alleviate the troubles emitting from the federal debt. Furthermore, he established a national bank in order to further expand and unify the country, putting them all under a controllable banking system rather than having several different systems, each with their very own currency. Prior to the ratification of the Constitution, the country was rather divided and the federal government had no control over fixing such problems in their country. As a result, especially during this point that he now has the power to mend the drawbacks of their old system, he saw “federal debt” as a sort of commonality between the states. Now that they’re all under a stronger government, they were forced to deal with this issue together. This created a sense of united between the nation and, overall, was an immense motivator of bringing the country together for the good of its future

One of Jefferson’s and Hamilton’s first disagreements began with the idea of a National Bank. Hamilton suggested that the government should create the Bank of the United States Jefferson protested because this was not allowed by the Constitution. Hamilton opposed the view of Jefferson and stated that the Constitution’s writers could not have predicted the need of a bank for the United States. Hamilton said that the right to create the Bank of the United States was stated in the “elastic” or the “necessary and proper” clause in which the Constitution gave the government the power to pass laws that were necessary for the welfare of the nation. “This dilemma revisits the ever lasting dispute between the “strict constructionists” (Jefferson) who believed in the strict interpretation of the Constitution by not going an inch beyond its clearly expressed provisions, and the “loose constructionists” (Hamilton) who wished to reason out all sorts of implications from what it said”. Just a few years later, under President Jefferson, the federal government of the United States

To Alexander Hamilton, that was just a small part of economics though. He needed to fund the government, and so he was willing to do so via tariffs, taxes, and bonds. This plan just called upon the clearing of the national debt, and didn't even cover the vast amounts of commerce and mercantilism that he hoped would emulate England.

After the Revolutionary War, many of the country’s citizens were in great debit and there was widespread economic disruption. The country was in need of an economic overhaul and the new country’s leaders would need to decide how to do this to ensure the new country did not fall apart. After two unsuccessful attempts at a national banking system, the Federal Reserve System was created by the Federal Reserve Act of 1913. Since its inception, the Federal Reserve System has evolved into a central banking system that grows with the country. The Federal Reserve System provides this country with a central bank that is able to pursue consistent monetary policies. My goal in this paper is to help the reader to understand why the Federal

In the American nation, he developed love of regulation, efficiency and organization. Hamilton strongly showed that America must possess credit for the development of government operations, trade, industry and business activities. He stressed the importance of the central government to take over the debts of the state that were unpaid in the Revolutionary period (Scott, 2008). The central government was endorsed by the American Constitution to charge and collect taxes as well as pay liabilities (Robertson, 2005). Such operations can be professionally handled by a central bank. Therefore, Hamilton was characterized by thinking creatively and critically as he observed the potential of the trade industry’s immense power (Pancake, 1974).

This extensive drawn out plan he created listed everything he desired to do, from the labor to the employment to the securing a steady demand. Hamilton tried to promote diversity in the society, he also tried to get men to bring out their own talents that make them unique, and every man has something else to offer to promote new things in the society. Even the women and children were made more useful in his plan, he found a place for everyone to be apart of this "new nation." It is made evident that Hamiltion had the future of America in his mind when he drew up this plan.