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Download Hamilton`s Financial Plan
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Tariff – an extra charge on goods coming from other countries Hamilton’s Financial Plan P. 76 – 77 Unit 3 Concept Chart? Cabinet? Judiciary Act of 1789? The First Cabinet? How have economic ideas and decisions from the past influenced the future? As Secretary of the Treasury, Hamilton’s biggest challenge was paying off the national debt from the Revolutionary War. During the war, the government raised money by selling bonds. The United States owed about $11.7 million to foreign countries and about $40.4 to U.S. citizens. The new government couldn’t afford to pay the bonds, so those who bought them sold them to speculators at deep discounts. Hamilton wanted to quickly pay the foreign debt and gradually pay the debt to American citizens. This was the root of his disagreements with Thomas Jefferson. Economic Problems Hamilton’s Proposed Solutions National debt – foreign and domestic debt (bondholders) Take on the foreign and domestic debt by replacing creditors’ old, low-value bonds with new, interest-bearing bonds. This would build confidence in the stability of the United States. States’ debts Take over most of the states’ $25 million Revolutionary War debts. This would free up state money for business and trade Weak national economy Enact a tariff to bring in money and help American manufacturers. Create a national bank and a national mint. What economic problems did the United States face? How can tariffs help pay the national debt? Do you think Hamilton’s plan to pay off the debt was fair? Why? Would you change anything about Hamilton’s plan? Why? Thomas Jefferson strongly disagreed with Hamilton’s plan. For each issue in the chart below, briefly describe each side’s view. Then, provide an illustration that symbolizes that view. Alexander Hamilton Thomas Jefferson Pay full value of bonds (p. 238 – 239) Pass higher tariffs (p. 241) Create a national bank (p. 241 – 242) T43 Hamilton was from New York, and Jefferson was from Virginia. How do you think that might have affected their views on the economy?
