Thomas Jefferson vs Alexander Hamilton Economic Plan

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Conor McCabe

Alexander Hamilton vs Thomas Jefferson

The country is in serious debt. Our government has two completely different viewpoints and ideas in the Federalists and Republicans in Alexander Hamilton and Thomas Jefferson. The ideas of Hamilton will be the only way for our government to have any success and riding our debt, establishing good credit, and keeping the country together. Hamilton has the brilliant idea of assuming all of the states debts. The government will get the states out of debt and issue them government bonds and rid the states of the continentals. Not only will this rid the states of their debts but also it will now allow for all the states to start equal economically. Also the states will trust the government and will loan them money if they need it because the government is slowly establishing good credit, which is necessary if we are to ever fight a war or have a need to borrow money. Hamilton also wants to redeem all of the continentals that were primarily in the hands of veterans or prospectors who had bought them for much lower than par price. Hamilton wants to just get the continentals out of circulation and to start issuing new government bonds. Under Hamilton’s plan, the government will give the people who have the continentals at par no matter how much they bought them for. Jefferson and his colleagues such as Madison realize that the prospectors will now get a large sum of money from the government and the people who had sold given their money to prospectors for far less than its worth will get nothing. The republicans want to track down who originally had the money and pay them; also the republicans accuse Hamilton of wanting an oligarchy made up of wealthy aristocrats like Britain. First of all it is not realistic or possible to track down the original owners of the continentals, the government has much more important things to do. Also although Hamilton wanted the wealthy to have some power in the government because...
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