American Pageant Chapter 10 Key Vocab

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Thomas Jefferson Under the executive branch of the new constitution, Thomas Jefferson was the Secretary of State. When Alexander Hamilton wanted to create a new national bank, Jefferson adamantly spoke against it. He felt it would violate states rights by causing a huge competitor for the state banks, then causing a federal monopoly. Jefferson's argument was that since the Constitution did not say Congress could create a bank they should not be given that power. This is the philosophy of strict construction. Thomas Jefferson's beliefs led to the creation of the political party, Democratic Republicans. They believed in an extremely weak central government, no special privileges for special classes, especially manufacturers, and did not believe in letting every white male the ability to vote, only those intelligent enough to make wise decisions. Alexander Hamilton Great political leader; youngest and brightest of Federalists; "father of the National Debt"; from New York; became a major general; military genius; Secretary of Treasury; lived from 1755-1804; became Secretary of the Treasury under George Washington in 1789; established plan for economy that went in to affect in 1790 including a tariff that passed in 1789, the assupmtion of state debts which went into affect in 1790, an excise on different products (including whiskey) in 1791, and a plan for a national bank which was approved in 1791; plan to take care of the national debt--a. fund debt at face value, b. assumption of state debts, c. creation of National Bank, D. taxes (tariffs and excises)--plan was a success in dealing with the national debt; founded the Federalist Party. Henry Knox was the first secretary of war; came to power in 1789; was the first to be entrusted with the infant army and navy John Jay Chief Justice of the United States; in 1794 George Washington sent him to negotiate a treaty with England; The Jay Treaty was a failure because it didn't mention British impressment and America had to pay Pre-Revolutionary debts. It did prevent a war with England and helped in the signing of the Pinckney Treaty with Spain. Funding at Par an economic plan plan devised in 1790 by Hamilton in order to "bolster the nation's credit" and strengthen the central govrenment. It was a plan to exchange old bonds for new bonds at face value. This would take on the dents of all the states and reinforce faith in the government bonds. (168) Strict Constitution Jefferson and his states' right disciples believed the Constitution should be interpreted "literally" or "strictly". The reason why was to protect individual rights. Jefferson did not want the Bank of the United States,Hamilton thought it would not only be proper, but also necessary. Jefferson thought it was up to the states and Hamilton thought it was up to Congress. The Bank was created by Congress in 1791. Having a strong central government made people fear that theeir rights would be taken away from them. Assumption Part of Hamilton's economic theory. Stated that the federal government would assume all the states' debts for the American Revolution. This angered states such as Virginia who had already paid off their debts. Implied Powers Implied powers refers to the powers of the government found in the constitution in unwritten forms. Although some situations, such as the creation of the National Bank, are not specifically referred to in the constitution through the elastic clause they are not illegal or unconstitutional. After Hamilton was appointed head of treasury in 1789, debates began between his interpretation of the constitution and Jefferson's views. Eventually this became an issue contributing to the formation of political parties. Agrarian Means having to do with agriculture. The agrarian society were the farmers and plantation owners of the south. This was the society that jefferson wanted to see become the future of America. He appreicated the many virtous and benefical characteristics. Excise Tax a tax...
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