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Founding Financial Battles: Year One of the New U.S. Government

Explore the challenges faced by the United States in its first year under President George Washington, including financial problems, Hamilton's plan, and the controversies over the national bank, tariffs, and taxes.

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Founding Financial Battles: Year One of the New U.S. Government

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  1. The First President Unit Four Lesson One ..\..\My Videos\American History\Unit Four - A New Nation\1789__The_First_Year_of_the_New_U_S__Government.asf www.visitingdc.com

  2. Vocabulary • Cabinet: • A group of advisors to the president • National Debt: • The amount of money a country owes • Unconstitutional: • To go against the constitution • Tariff: • A tax on imported goods

  3. The First Congress • Name the following leaders of our government during this time period. • President: George Washington • Vice President: John Adams • Secretary of States: Thomas Jefferson • Secretary of Treasurer: Alexander Hamilton law.wustl.edu www.visitingdc.com hotlineblog.nationaljournal.com John Adams Alexander Hamilton Thomas Jefferson

  4. Financial Problems • Explain the financial problems facing the United States. • The US’s national debt (money they owed to others) was growing www.barberton.lib.oh.us

  5. Hamilton’s Plan • What was Hamilton’s plan? • National government should pay off states and individual debts • Put in place a National Bank, taxes, and tariffs to help raise money to pay back the debt • Who opposed Hamilton’s plan and why? What compromise was made? • Southern states – because they had less debt than north states • South finally agreed to pass the plan in exchange for the US capital to be moved to the south.

  6. Fight over the Bank, Tariffs, and Taxes

  7. Fight over the Bank, Tariffs, and Taxes

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