Two very important people during this time were Thomas Jefferson and Alexander Hamilton. Both had very different viewpoints on a strong government, Alexander Hamilton favored it while Thomas Jefferson opposed it. Alexander Hamilton grew up having no money or family connections while Thomas Jefferson was very talented as a child and acquired his fathers land later on in life. Hamilton dreamed of national greatness, which depended on a strong economy. He wanted to expand the economy and increase the nation’s wealth by using the power of the federal government to promote manufacturing, business, and trade. On the other hand, Jefferson did not believe that the nations future lay in the hands of federalist merchants and bankers he believed it should
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Hamilton proposed to aid the nation’s infant industries. He hoped to break Britain’s manufacturing hold on America through high tariffs that would protect American industry from foreign competition. A big problem at this time was the national debt, so Hamilton came up with the Assumption plan. He proposed that government should assume the entire debt of the federal government and states. However, states like Virginia were not happy with Hamilton’s idea because they had already paid off their debts and saw no reason why they should be taxed by the federal government to pay off the debts of other states. This plan made people skeptic because they thought it would leave speculators who had bought bonds for as little as 10 or 15 cents on the dollar with enormous profits in the ends. Hamilton’s last objective introduced in his plan was to create a national bank of the United States, which was modeled after the Bank of England. A national bank would collect taxes, hold government funds, and make loans to borrowers and the government. It would act as the government’s fiscal agent and provide a sound paper money supply. Although people found the bank to be unconstitutional Hamilton responded by arguing that Congress had the power to create a bank because the constitution granted the government authority to do anything “necessary and proper”
Hamilton proposed to aid the nation’s infant industries. He hoped to break Britain’s manufacturing hold on America through high tariffs that would protect American industry from foreign competition. A big problem at this time was the national debt, so Hamilton came up with the Assumption plan. He proposed that government should assume the entire debt of the federal government and states. However, states like Virginia were not happy with Hamilton’s idea because they had already paid off their debts and saw no reason why they should be taxed by the federal government to pay off the debts of other states. This plan made people skeptic because they thought it would leave speculators who had bought bonds for as little as 10 or 15 cents on the dollar with enormous profits in the ends. Hamilton’s last objective introduced in his plan was to create a national bank of the United States, which was modeled after the Bank of England. A national bank would collect taxes, hold government funds, and make loans to borrowers and the government. It would act as the government’s fiscal agent and provide a sound paper money supply. Although people found the bank to be unconstitutional Hamilton responded by arguing that Congress had the power to create a bank because the constitution granted the government authority to do anything “necessary and proper”