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What was Alexander Hamilton’s plan for the Economy? 7-2 Pgs. 238-242 Hamilton’s Basic Economic Plan 1. Deal with the National Debt 2. Gain Revenue for the United States 3. Stabilize the U.S. Banking system 1. Deal with the National Debt • The United States owed 11.7 million to other countries and 40.4 million to citizens • Hamilton wanted to pay off debt to foreign countries first • Gradually repay debt to citizens who bought bonds – Bondholders who sold their bonds would lose out on $ • The federal government would absorb each states debt. – Only if capital moved farther south 2. Gain Revenue for the United States • Pass a high tariff to both bring in money and help American manufactures and cause Americans to buy American made goods • Promote the creation of new American business that would compete with European manufacturing 3. Stabilize the U.S. Banking system • Create a national bank for the government to deposit money to – No specific power given to the federal government to create a bank in the Constitution • Create a National Mint to issue own money • 20 year trial • Each state start its own bank