Hamilton's Financial Plan
Alexander Hamilton was named the treasury secretary of the U.S by George Washington. His job was to make a plan to help the economy of the U.S since it had a huge debt after the Revolution war. He came up with a financial program that was divided in three parts. Part one was “funding” which was to pay off the war debt it concerned the problem of public credit. He issued a proposal that said that $52 million of the federal debt had to be paid in full. He also proposed that the remaining $25 million that each individual state owned should be paid by the federal government. He called that the policy of “assumption.” He also proposed a tax on 25 percent levy on whiskey in order to help government expenses. Hamilton aimed …show more content…
Hamilton “was determined to link the interest of wealthy with those of the new government”. On the other hand Thomas Jefferson was interested in the interests of the majority of the people; he wanted to help keep the agriculture since that is how yeomen farmers make a living for themselves. “Hamilton’s opponents admitted that a certain amount of commerce was necessary, they believed that it should remain subordinate”. Thomas Jefferson believed that manufacturing threatened the values of the agricultural farmers and their way of life since speculators would buy the land from the yeomen for less than is actually worth and sell it to the federal government for a lot more. On the other hand Hamilton argued that it was necessary in order for America to be independent and not relay on the foreign goods. The funding and assumption was the only one thought less on benefiting the wealthy, since it talked about getting funds to help pay for the debt that was left after the war. He proposed that the “federal government assume responsibility for the remaining $25 million in debts that individual states owed”. He also proposed a tax on 25 percent levy on whiskey to help with the debt and government
Alexander Hamilton was named the treasury secretary of the U.S by George Washington. His job was to make a plan to help the economy of the U.S since it had a huge debt after the Revolution war. He came up with a financial program that was divided in three parts. Part one was “funding” which was to pay off the war debt it concerned the problem of public credit. He issued a proposal that said that $52 million of the federal debt had to be paid in full. He also proposed that the remaining $25 million that each individual state owned should be paid by the federal government. He called that the policy of “assumption.” He also proposed a tax on 25 percent levy on whiskey in order to help government expenses. Hamilton aimed …show more content…
Hamilton “was determined to link the interest of wealthy with those of the new government”. On the other hand Thomas Jefferson was interested in the interests of the majority of the people; he wanted to help keep the agriculture since that is how yeomen farmers make a living for themselves. “Hamilton’s opponents admitted that a certain amount of commerce was necessary, they believed that it should remain subordinate”. Thomas Jefferson believed that manufacturing threatened the values of the agricultural farmers and their way of life since speculators would buy the land from the yeomen for less than is actually worth and sell it to the federal government for a lot more. On the other hand Hamilton argued that it was necessary in order for America to be independent and not relay on the foreign goods. The funding and assumption was the only one thought less on benefiting the wealthy, since it talked about getting funds to help pay for the debt that was left after the war. He proposed that the “federal government assume responsibility for the remaining $25 million in debts that individual states owed”. He also proposed a tax on 25 percent levy on whiskey to help with the debt and government