The Economic Conflicts Of Alexander Hamilton

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The most pressing troubles fronting the new government were economic. As the outcome of the revolution, the federal government had developed an enormous debt: $54 million counting interest. The states owed another $25 million. Paper money supplied below the Continental Congresses and Articles of Confederation was valueless. Foreign credit was absent.
The person given to the task of determining these conflicts was 32-year-old Alexander Hamilton. Born out-of-wedlock in the West Indies in 1757, he was directed to New York at the age of 15 for schooling. One of New York's greatest important lawyers, he participated as the primary role in the Constitutional Convention and created 51 of the 85 Federalist Papers, commending help for the new Constitution. As Treasury Secretary, Hamilton planned an economic system that completed the United States the finest credit danger in the western ecosphere.
The chief risky fronting Hamilton was an enormous nationwide debt. He planned that the government accept the whole debt of the state government and the states. His strategy was to withdraw the previous criticized duties by using new money at a poorer interest rate.
States like Maryland, Pennsylvania, North Carolina, and Virginia, which had now funded off their debts, saw no motive why they would be stretched by the state government to wage off the debts of other states like Massachusetts and South Carolina. Hamilton's reviewers stated that his arrangement would require vast incomes to
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