Did Hamilton want Treasury or State? He designed a
Treasury
Department for the collection and disbursing of public revenue, but also for the promotion of the economic development of the country.
Did Hamilton want the Bank of the United States?
Financial Footing for a New Nation
On December 15, 1790, Hamilton submitted a report to Congress making the case.
He proposed a Bank of the United States
with a $10 million capital (then five times more than all other American banks combined) and the ability to issue paper money.
What did Hamilton want from the federal government?
Hamilton pointed out that America must have credit for industrial development, commercial activity and the operations of government. It must also have the complete faith and support of the people. There were many who wished to
repudiate the national debt or pay only part of it
.
How did Hamilton feel about state debt?
What did Hamilton do for the Treasury?
As Secretary of the Treasury, Hamilton was in large part responsible for
setting up our modern banking system, establishing the federal budget process, and establishing the Bank of the United States
.
Why did Hamilton favor a national bank?
Hamilton argued that
a national bank is “a political machine, of the greatest importance to the state
.” He asserted that a national bank would facilitate the payment of taxes, revenue for which the federal government was desperate.
Who didn’t want the national bank?
Thomas Jefferson
opposed this plan. He thought states should charter banks that could issue money. Jefferson also believed that the Constitution did not give the national government the power to establish a bank.
Who wanted a strong state government?
Two competing forces in the early United States were Federalists and Antifederalists. Federalists favored a strong national government.
Anti-federalists
favored a weaker national government and stronger state governments.
How did Jefferson and Hamilton’s views of government differ?
Alexander Hamilton became a leading voice of the Federalists who believed that the federal government needed to be strong. On the other side, Thomas Jefferson, a Republican, argued that too much power in the hands of the federal government would lead to tyranny.
Did Hamilton want a strong central government?
Hamilton wanted the federal government to have greater power than state governments
. A strong federal government, he argued, was needed to increase commerce. It would also be able to restrain mob violence like that of the Whiskey Rebellion.
Why did Hamilton want the federal government to assume the states debts?
His motive was as much political as economic. Through payment by the central government of the states’ debts,
he hoped to bind the men of wealth and influence
, who had acquired most of the domestically held bonds, to the national government.
Why did Secretary of the Treasury Alexander Hamilton want the federal government to assume state debts accumulated during the American Revolution?
Why did Secretary of the Treasury Alexander Hamilton want the federal government to assume state debts accumulated during the American Revolution? d.
He hoped to shift wealthy creditors’ obligations and allegiance from the states to the federal government
.
Why did Hamilton believe the federal debt and the states debt should be consolidated?
Hamilton believed that this action would help the federal government. He thought that
paying the states’ debts would help the national economy, so that debtor states would not have to spend so much money on repayment and would have money to develop business and trade.
What type of government did Alexander Hamilton support?
Hamilton was a strong supporter of a powerful
central or federal government
. Federalist, followers of Hamilton, supported a strong central government, a loose interpretation of the Constitution, a bank of United States, and revenue tariffs.
Why was Hamilton the Secretary of Treasury?
In September 1789, Washington, the newly elected first President, tapped his former aide to be first Secretary of the Treasury. Hamilton
consolidated America’s debts and paid them fairly, established a modern financial system, and argued for an economy that included manufacturing as well as farming
.
What was Hamilton’s argument?
Hamilton responded to the charge that a bank was unconstitutional by formulating the doctrine of “implied powers.” He argued that
Congress had the power to create a bank because the Constitution granted the federal government authority to do anything “necessary and proper” to carry out its constitutional functions
(in …
What were Hamilton and Jefferson views on the national bank?
In contrast to Hamilton,
Jefferson believed that states should charter their own banks and that a national bank unfairly favored wealthy businessmen in urban areas over farmers in the country
. Regardless of Jefferson’s opposition, a national bank was eventually established.
Why did Andrew Jackson want to get rid of the national bank?
Jackson’s distrust of the Bank was also political, based on
a belief that a federal institution such as the Bank trampled on states’ rights
. In addition, he felt that the Bank put too much power in the hands of too few private citizens — power that could be used to the detriment of the government.
How did Hamilton counter the arguments against the national bank?
What was Alexander Hamilton’s ideal economy?
Hamilton’s economic plan for the nation included establishing a national bank like that in England to maintain public credit; consolidating the states’ debts under the federal government; and enacting protective tariffs and government subsidies to encourage American manufactures.
Did the Federalist want a strong state government?
Federalists battled for adoption of the Constitution
They favored weaker state governments
, a strong centralized government, the indirect election of government officials, longer term limits for officeholders, and representative, rather than direct, democracy.
Why did Jefferson want a strong state government?
Jefferson recognized that a stronger federal government would make the country more secure economically and militarily, but
he feared that a strong central government might become too powerful, restricting citizens’ rights
.
Who opposed Alexander Hamilton’s financial plan?
Thomas Jefferson
opposed Alexander Hamilton’s fiscal policies. Opposition to Hamilton’s financial policies spread beyond the cabinet. The legislature divided about whether or not to support the Bank of the United States.
What did Hamilton and Jefferson disagree on?
Hamilton wanted the United States to model itself on Britain. The government, he thought, should encourage manufacturing and trade. He also favored the growth of cities and the merchant class.
Jefferson thought that farmers, rather than merchants, were the backbone of the new nation.
What did Hamilton and Jefferson agree on?
The Compromise of 1790 was a compromise between Alexander Hamilton, Thomas Jefferson, and James Madison, where
Hamilton won the decision for the national government to take over and pay the state debts
, and Jefferson and Madison obtained the national capital (District of Columbia) for the South.
