Alexander Hamilton And Federal Debt

A lot of nation’s investors found this alluring. It would also tie them to the new national government, since they would want that them to survive so they could get paid on their investment. Jefferson and Madison opposed Hamilton’s debt funding plan. They believed that

Hamilton decided that all the debts should be paid at face value, in hopes of taking them from the States and putting them in a new National Bank. Hamilton’s fellow workmates, Madison and Jefferson, did not believe Hamilton had the right to create a National Bank. Hamilton, then stated that his Bank would be covered by the "Necessary and Proper" Clause. This was a very loose interpretation of the Constitution, was supported by Federalists. Being Democratic Republicans, Jefferson and Madison agreed with a strict interpretation of this clause for a weak government.

Hamilton's economic plan turning point was on the promotion of manufacturers and commerce. While Hamilton distrusted popular will and believed that the federal government should use considerable power in order to steer a successful course, Jefferson placed his trust in the people as governors (Holmes). Hamilton's plan was to establish a bank like the one in England to maintain public credit; strengthening the states' debts under the federal government, and enacting protective tariffs and governments subsidies to encourage American manufactures. All these measures strengthened the federal governments power at the expense of the states. Jefferson opposed these views from Hamilton he feared that the Bank of the United States represented too much English influence, and argued that the constitution did not give congress the power to establish a bank.

Hamilton believed that wealthy Americans would provide political support to the government and his plan in general would help pay off the debt to merchants who they owed most of their debt to. However, the debt would have to be paid by through taxes by the American people. Hamilton thought money and wealthy Americans would solve all of their problems concerning debt, and that in result would secure the government. Unfortunately, most Americans were not the wealthy

Alexander Hamilton, the first Secretary of Treasury of the United States, had a lot going for himself being a man that came from poverty to success, and he was a man “all powerful and fails at nothing which he attempts” admitted a congressman in 1791 (Tindall and Shi). Born in the Caribbean in the West Indies, abandoned by his father and orphaned at the age of 13 by his late mother who had died. Later moved to New York, became a lawyer and transitioned to nationalism thus giving him the important role of handling the weight of the debt America had accumulated $54 million deep after the Revolutionary War (Digital History). Hamilton saw the need for some financial credit to be given to America and he had the right idea by proposing a National Bank to his first president George Washington. Word dispersed of that proposal leading a

a) The government would also represent the people along with the point that states couldn’t infringe on individual’s right to land. b) Hamilton was in support of the idea that a president and Senate should serve life terms. c) Many people wanted to find a middle ground between

Alexander Hamilton, Secretary of Treasury, had a vision of a strong national government and a strong national economy. He proposed a multi-facet plan to help the states and federal government out of debt. A large component of this plan was to create a National Bank. Alexander’s plan was strongly opposed by Jefferson’s Party as they found it unconstitutional for Congress to pass this bill to give the federal government control over a National Bank. They feared a strong central government, as active opponents of the English government and argued that giving too much power to the federal government could lead to tyranny.

Jefferson protested Hamilton’s proposal for this reason, predicting that the most important citizens of his Republican vision, the yeoman farmers, would suffer. By the end of the night a compromise had been made that appeased both parties: the federal government would assume the national debt, and in turn, the capital of the nation would move from Pennsylvania to Virginia, an easily accessible region for Jefferson and Madison. Their quiet conversations clearly displayed their sole concern for themselves, not the American people. In addition, the fact that their compromise was made privately proves the lack of respect they

When the Revolutionary war came about, Hamilton defended the Patriots against the Loyalists: this was his first political article written. In this moment is when he gained respect from militant leaders like George Washington. Hamilton then became a part of the New York Provincial Artillery Company and fought in the war. Later, Washington appointed Hamilton as the first Secretary of Treasury. As Hamilton understands of law and politics grew, he decided to pursue a goal of his: establishing a more diverse government under the new Constitution.

During the eighteenth century, the American Revolution ended and the Constitution was born. Before the Constitution, the failed attempt of government, the Articles of Confederation, left the states with too much power and a weak central government. Following the formation of the new government, George Washington took office as the United States’ first president. Prior to this he was a general who fought in the Revolutionary War. Having been a successful general, he was elected into office.

Before they came to this compromise, the Americans were divided mostly between the North and the South. The states were still independent and against the idea of a federal government overruling the people of the states. If the South hadn’t made the deal to help the North with its debt, they might have fallen into a extremely severe depression, and the nation might not even be together. Hamilton understood the need for the states to stand on a united front, which is why he supported The North. Madison led the South, which was against the taking on of the rest of the countries debt due to already being rid of their own.

Hamilton nearly killed himself fulfilling these requests, but he did so brilliantly and completely, in turn exhausting congress going through them meticulously. He dazzled them with his brilliance and many were simply intellectually incapable of comprehending his plans. Not content to establish the customs service and the coast guard, and create a stable monetary system for the new government, Hamilton also dabbled in the affairs of state, much to the chagrin of Thomas Jefferson. He was once again an indefatigable assistant to Washington. Hamilton left the cabinet after Washington’s first term, returning to his New York law practice to repair his family finances, but Washington continued to rely upon him, as did many other cabinet members.

Hamilton had a drawn out plan that Jefferson did not agree with, stating that assuming state debts

Even though Hamilton wasn’t one of our presidents, he showed great leadership throughout his terms in the secretary of treasury, he practiced law after the wars, and he also showed leadership being one of our Founding Fathers (who were responsible winning our wars against England.) After Hamilton was drafted for the Constitutional Convention by New Year, Hamilton got to attend a meeting in Philadelphia. While Alexander was in Philadelphia he had little to no impact on the convention because he didn’t fully represent New York. Even though Hamilton didn’t represent the Federalist (who strongly opponents to sign the new constitution), Hamilton signed the new constitution as an individual. Then after Hamilton signed the for the new constitution, he got to write “at least two-thirds of the essays” that included some of the most important ones that would explain the powers of each of the branches.

When it comes to Thomas Jefferson and Alexander Hamilton the main difference between the two was their political party. The basis of each of their political parties set the boundaries for their beliefs and their views as politicians. Both men were founding fathers of our country, and made a huge impact on history as we know it. Without these men, our country's government might not be what it is today. One of the only similarities of Jefferson and Hamilton was their want to diminish national debt.