In 1788, Alexander Hamilton convinced New Yorkers to agree to ratify the U.S constitution and later became the nation’s first Secretary of the Treasury. Being the Secretary of Treasury, there were disagreements and agreements from both sides of the political parties. In comes the one of the most chief rivalries in American politics Thomas Jefferson and Alexander Hamilton. These historical figures were very much split on the idea of the structure and role of the government and also the vision for America. Alexander Hamilton’s vision of economic structure and a strong central government were more entertained by most of his colleagues in the congress and were critical to prosperity of the young United States. His plans to pay the national war debt and have the government assume states individual debt, impose high tariffs on imported goods, and create a national bank were best for Americas future. One reason that that high tariffs on alcohol, wine, coffee and tea is because that it would solidify the government’s right to tax the states. Alexander Hamilton and the viewpoints in which he believed in are reasons why he is Americas hero of the 1800s(excluding George Washington).
The first part of his financial program is very important because it is the beginning of economic growth in the United States. Establishing the new nation’s economic worth which goes along with creation of national debt was important because people need to trust their economy. Alexander Hamilton wanted to start the new nations on a solid foundation based on the fact that the country economic growth would happen. This idea was a good setting stone for America’s future because as funny as it may seem to cause debt, when you have debt and you can pay it off it, shows you have good capacity for growth later on. Alexander Hamilton wanted all the states to give their debt to the federal government to invest in their own things such as businesses and have strong state governments. By taking on these debts they are replaced by interest barring bonds that creditors would invest in which shows trust and belief in the economy of the United States. Hamilton states “A national debt, if it is not excessive, will be to us a national blessing.”( The Federalist, Henry Cabot Lodge, ed., New York, 1888.)
Another reason that Hamilton’s financial program was an enticing factor on America’s future is the establishment of the bank of the United States. It became main financial agent in which the government could make control, hold public funds, make loans, and pay interest to investors in which they would make a profit. The bank was one of the most controversial parts of this political rivalry of economic future for America. Hamilton thought banks were essential part to the American future. Lenders are providing a useful service for that there is enough demand that the people borrowing money are willing to pay interest. Hamilton was right on predicting on how America would develop if you look at it in today’s point of view which makes a stronger argument that Hamilton’s bank was another step in making his plan for America’s future forceful in the young United States.
The third part on Hamilton’s excellent financial plan was place extra taxes on things such as grain which is a product that was made into whiskey. This is also linked to tariffs which is a protective tariff which was a tax on imported goods. This made foreign goods more expensive making Americans not want to pay for more for foreign goods and want them to pay for American manufactured goods which encouraged U.S manufacturing. This still goes on today as example like Americans buying foreign cars. This really helped support the growth of industries and factories. Hamilton’s philosophy of economics of tariffs raised money for government growth and also encouraged growth of American industry, two things of which Thomas Jefferson’s...