Hamilton and National Finances

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Presentation transcript:

Hamilton and National Finances I’m a financial genius!

Settling the Debt National Debt After the war the U.S. has $50 million in debt

Settling the Debt States’ Debt The states owed $25 million Hamilton wants the government to pay $21.5 million of this debt

Answer on the back Do you agree with Hamilton that the debt should be paid off? Why or why not?

Settling the Debt States’ Debt Why did he want to do this????? States could focus on developing businesses and trade

Settling the Debt States’ Debt The South did not like this plan. Because they didn’t have much debt Hamilton needs to get the southern states on board to his idea.

Time Out Cabinet Battle #1

Settling the Debt Moving the Capital Southerners don’t like having the capital in New York City

Settling the Debt Moving the Capital If the South agrees to Hamilton’s debt plan, the capital will be moved. The South agrees Capital moves to Philadelphia from 1791-1801 In 1801, it is moved to Washington, D.C.

(starts Federalist Party) Jefferson & Madison (start Democratic-Republican party ) Hamilton (starts Federalist Party) -Weak central government -Promotes agriculture -Low tariffs to keep prices low -strict construction -Strong central government -Promotes manufacturing and business -High tariffs (protective tariff) -loose construction

Who do you agree with: Hamilton or Jefferson & Madison? Why? Answer on the back Who do you agree with: Hamilton or Jefferson & Madison? Why?

National Debate Hamilton wants to have a National Bank Government can deposit money The bank could make loans to the government and businesses wants to start a national mint country could make its own money

National Debate The National Bank would have a 20 year charter.

National Debate Madison and Jefferson DO NOT like Hamilton’s plan It gives too much power to the federal government It’s not in the Constitution

Answer on the back Can the government do something if it isn’t specifically in the Constitution?

National Debate Loose Construction: the federal government can make reasonable actions that are not specifically forbidden in the Constitution Strict Construction: the federal government should only do what the Constitution specifically says to do

I agree with Hamilton! We will have the bank. National Debate I agree with Hamilton! We will have the bank.