2. George Washington & National Debt Chapter 6 – Section 1 &2 By Mr. Linder

3. George Washington – 1 st President G.W. – Very popular with the people Electors from 11 states that passed Constitution met in 1789 to vote on President. Electoral College formed – a body of electors who represent the people’s vote to elect the President G.W. Elected / John Adams Vice President

4. George Washington Takes Oath of Office!

5. Federal Building – N.Y. City

6. The New President Set examples for Executive Branch Created 1 st Cabinet Alexander Hamilton – Department of Treasury Thomas Jefferson – Secretary of State Judicial Branch Established

7. The New United States 4 Million People in 1790 Mostly farmers – wanted fair tax laws & to settle western lands 1 st Capital – New York City – 33,000 People

8. Alexander Hamilton Has Issues: Needs to pay off National Debt U.S. owed 11.7 Million to Foreign Countries 40.4 Million owed to U.S. Citizens Pay foreign Debt 1 st – then Citizens Jefferson opposed Plan

9. Jefferson’s Views Protect State’s Power Right of people to rule country Supported Agriculture and Farmers Lower Tariffs to keep costs low on products that farmers buy.

10. National Bank – The Plan! National Bank is needed to Safely Deposit $$ Make loans to government and businesses States’ right opponents didn’t like plan (Jefferson) Limited bank to a 20 year charter

11. Opponents to the Bank Jefferson and Madison opposed idea Constitution did not grant power to the federal government to create a national bank Strict interpretation of Constitution – Can only do what the Constitution says

12. Supporters of the Bank Hamilton – Loose Interpretation of Constitution Government can do what Constitution does not forbid (Necessary & Proper Clause) Washington and Congress approved National bank in 1791