Similarities Between Hamilton And The Federalists
Hamilton and the Federalists
• Federalists had control of new government for twelve years
• Washington envisioned a strong national government
• Alexander Hamilton became dominant figure in Washington's administration, and he exerted more influence on domestic and foreign policy than anyone during his term and after his resignation (1794)
• Hamilton believed stable and effective government required enlightened ruling class
• The new government needed the support of the wealthy and powerful, which required a stake in the government's success, so Hamilton proposed new government should take responsibility for the existing public debt
• Government should call in certificates of indebtedness and replace them with uniform, interest-bearing bonds that were payable at definite …show more content…
• Hamilton wanted to create permanent national debt, so the wealthy classes would lend money to the government
• Hamilton wanted to create a national bank, which would provide loans and currency to businesses, give governments a place to deposit federal fund, help collect taxes and disburse government's expenditures, and keep up the price of government bonds
• Bank would be chartered by federal government, and it would be controlled by directors (1/5 of directors would be appointed by government)
• Most government revenues before had come from sale of public lands in West
• Hamilton proposed two taxes, one was an excise paid by distillers of alcoholic liquors, and the other was tariff on imports, which would raise revenue and protect American manufacturing from foreign competition
• "Report on Manufactures" - (1791) Hamilton laid out scheme for stimulating growth in industry in US and the advantages of a healthy manufacturing base
Enacting the Federalist Program
• Many opposed Hamilton's proposal to accept debt at face value
• James Madison proposed dividing the federally funded bonds between the original purchasers and the speculator; but they agreed to just pay the current bond
• Federalists had control of new government for twelve years
• Washington envisioned a strong national government
• Alexander Hamilton became dominant figure in Washington's administration, and he exerted more influence on domestic and foreign policy than anyone during his term and after his resignation (1794)
• Hamilton believed stable and effective government required enlightened ruling class
• The new government needed the support of the wealthy and powerful, which required a stake in the government's success, so Hamilton proposed new government should take responsibility for the existing public debt
• Government should call in certificates of indebtedness and replace them with uniform, interest-bearing bonds that were payable at definite …show more content…
• Hamilton wanted to create permanent national debt, so the wealthy classes would lend money to the government
• Hamilton wanted to create a national bank, which would provide loans and currency to businesses, give governments a place to deposit federal fund, help collect taxes and disburse government's expenditures, and keep up the price of government bonds
• Bank would be chartered by federal government, and it would be controlled by directors (1/5 of directors would be appointed by government)
• Most government revenues before had come from sale of public lands in West
• Hamilton proposed two taxes, one was an excise paid by distillers of alcoholic liquors, and the other was tariff on imports, which would raise revenue and protect American manufacturing from foreign competition
• "Report on Manufactures" - (1791) Hamilton laid out scheme for stimulating growth in industry in US and the advantages of a healthy manufacturing base
Enacting the Federalist Program
• Many opposed Hamilton's proposal to accept debt at face value
• James Madison proposed dividing the federally funded bonds between the original purchasers and the speculator; but they agreed to just pay the current bond