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Published byBrice Bradford Modified over 9 years ago
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Everything You Need to Know About Alexander Hamilton To Succeed In APUSH
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Alexander Hamilton’s Background Former indentured servant Fought in Revolutionary War Federalist Believed in a strong central government Wrote The Federalist Papers with Madison and Jay 1 st Treasury Secretary Killed in a duel by Aaron Burr – 1 st “Got Milk?” Commercial Watch “Lin Manuel Miranda Performs at the WhiteHouse”
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Background Info American Debt was high Both state ($21.5 million) and national $ was worth little Report on Public Credit: Called for dealing with the debt problem Sought to gain support of the wealthy Report on Manufacturing: Hamilton favored American manufacturing and industry Sought to protect and stimulate American businesses (tariffs)
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Hamilton’s Plan Excise Tax: Tax on manufactured goods (Whiskey) Bank of the United States: Private entity with Government owning stock Conflict between Hamilton and Jefferson Funding all debt at par: Pay off debt at face value PLUS interest Speculators made lots of $$$$ Take on state debts under national government: States incurred debt under Revolutionary War Favored by states with large debt (MA) Tariff: Tax on foreign goods – designed to raise revenue for government and protect American industries Woooohooo, Thanks Alex! Side Note on debt: Hamilton advocated having debt. He believed the more people the US owed $ to, the more people that would want to see the US succeed. Virginia Not Cool Alex. Not cool bro!
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The National Bank (BUS) Was it constitutional? Two interpretations ○ Strict: If the Constitution does not specifically allow something, it CAN’T happen ○ Loose: If the Constitution does not forbid something, it CAN happen Elastic Clause – Necessary and Proper 2 nd BUS upheld by the Supreme Court in McCulloch v. Maryland Washington sides with Hamilton Strict Loose
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The Passage of the Plan “Log Rolling” Voting for a bill that favors the opposition to ensure other side will vote for a bill that favors your cause Washington D.C. Capital was moved to the South to gain support for the financial plan from the South
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