Great! We got a country!. Now… What do we do with it? ?. Lets figure out this money thing… . Alexander Hamilton, Washington's secretary of the treasury, wanted to get American off to a sound financial start…. Lets figure out this money thing… .
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Now… What do we do with it?
Alexander Hamilton, Washington's secretary of the treasury, wanted to get American off to a sound financial start….
Hamilton’s Plan: AssumptionPay off our old debts!
(Old Govt. debts and state debts)
South had already paid most of its debt off... stay tuned!
Hamilton’s Plan: National BankStabilize economy, make it easier for businesses, and deal with govt. money. (Wealthy investors owned 80% of bank)
(Created in 1791 by Congress)
Hamilton’s Plan: Protective Tariffs Protects domestic (U.S.) businesses from foreign competition (Britain, France)
NOT approved by Congress although similar measures were passed eventually
Hamilton’s Plan: Washington, D.C.Build it!
Donated land from Maryland and Virgina
Hamilton’s Plan: Excise TaxA tax on consumption of a particular good = WHISKEY!
Raise $ for govt and proved the govt could tax! (trouble brewing)
Encouraged the wealthy to support the govt (stable = safe for $)
Put the country on sound financial footing
Some people were not happy…
1794: Pennsylvania farmers refused to pay excise tax on whiskey made from their grain
Washington called up the state militias to put it down
Federal Govt was NO JOKE!