The Pros And Cons Of Alexander Hamilton

Alexander Hamilton’s plan was to take away old obligations by borrowing money at a low interest rate. Maryland, Pennsylvania, North Carolina, and Virginia, saw no reason why they should be taxed by the federal government to pay off the debts of other states. A debate started in Congress. Hamilton's debt program was a success, by demonstrating that American’s were capable of paying their debts, that also foreign investors were interested. European investments even popped up trying to invest. Hamilton's next move was to create a Bank that would hold government funds, collect taxes, and make loans. One bad thing was that it would start speculation and corruption. Developing a habit called "strict constructionism," because the Constitution …show more content…
Congress passed a bill creating a national bank for a term of 20 years, leaving President Washington up for thinking about the banks of constitution. He finally decided to sign the paper saying that a bank was necessary for the nation’s financial well-being. Hamilton then decided to help out infant industries. Where governments may enact import duties, tariffs, quotas and exchange rate controls to prevent international competitors from matching or beating the prices of an infant industry. He hoped to break Britain's manufacturing hold on America. Thomas Jefferson who believed that manufacturing threatened the values of an agrarian way of life. Hamilton's vision of America's future challenged Jefferson's ideal of a nation of farmers, tilling the fields, communing with nature, and maintaining personal freedom by land