What are we to do with this heavy debt? There is but one man in the United States who can tell you; that is… National Debt – The amount of money owed.

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Presentation transcript:

What are we to do with this heavy debt? There is but one man in the United States who can tell you; that is… National Debt – The amount of money owed by the United States to various creditors Robert Morris

-Born January 11, 1755 or Political party : Federalist -1 st Secretary of Treasury -Revolutionary War : Battle of Harlem Heights Battle of White Plains Battle of Trenton Battle of Princeton Battle of Brandywine Battle of Germantown Battle of Monmouth Siege of Yorktown

The United States owes about $11.7 million to foreign countries, and around $40.4 million to American creditors!

Bonds – Certificates that represent money owed by the government to private citizens

Speculators? - Investors who buy items at low pries in the hope that the value will rise later (Keep the bond) (Speculators buy the bond in lower price) More profit than Original Bondholders! Less profit than Speculators

Alexander Hamilton Thomas Jefferson & James Madison

July The House of Representatives approved the debt assumption plan - Present day Washington, D.C., was chosen as the new national capital.

Power of the government Central VS States Direction of the country Manufacturing VS Agriculture

Establishing a national bank would provide a safe place to deposit government funds and would serve as a reliable source of loans for the government and businesses! The power of the national bank will be limited by 20-year charter!

Does Constitution give Congress the power to start national bank?

Yes! Article 1, Section 8, of the Constitution states that Congress has the right “to make all laws which shall be necessary and proper” for running the nation!

February 25, 1791

Aaron Burr

- Alexander Hamilton was appointed as the 1 st Secretary of Treasury on September 11, Alexander Hamilton’s debt assumption plan was approved by House of Representatives on July, There were many arguments between Alexander Hamilton and Thomas Jefferson; they fought over topics such as power of the government and direction of the country. - United States Congress charter the Bank of the United States on February 25, Alexander Hamilton got shot by Aaron Burr on his lower abdomen during the duel on July 11, 1804, which eventually made him die on the following afternoon, July 12, 1804.