The assumption of war debt by Federal Government proposed by Hamilton was compared and analyzed against positon on that subject by one of the quietest yet very important figure- James Madison.…
Significance of major battles (who won and what effect did the battle have on the course of the war-don’t write major…
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 assumption of state debts which went into effect in 1790, an excise on different products 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 plan was a success in dealing with the national debt; founded the Federalist Party.…
* To pay for the war taxes were raised, the money supply was expanded, and billions of dollars’ worth of bonds was sold to the public. At the start of the war, the national debt was equal to 3 percent of gross domestic product (GDP); by the end of the war, the national debt was equal to 32 percent of GDP.…
George Washington was a land survey during the French and Indian Wars, he led the Virginia militia. Twenty years later, when the American Revolution broke out. Washington commanded the Continental armies. In 1776, after blockading Boston, the city was taken from the British. Later, however, Washington yielded New York City to the enemy, he retreated to Pennsylvania. In December, he boosted the sagging morale of his men crossing the Delaware River on Christmas night he attacks Trenton, where Hessians (British allies) were stationed, then went on to defects British army at Princeton. In 1777-1788, the army spent a miserable winter at Valley Forge Pennsylvania. Later, however, it defeated the British at Monmouth, New Jersey. This battle marked…
Alexander Hamilton one of the leading Founding Father of the United State, who had a passion and a plan for the future economic growth and a well establish government. One of the major parts of Hamilton’s plan was to build up or pay off the debt accumulated from the Revolutionary War by raising the income of the government. By aiming to distribute bonds to the potential investors with the guarantee of a full repay, this will allow to build up credits for the nation (Foner 284). To get a continuous flow of income for the federal government, he proposed tariff for the imported goods and other goods, helping along industries to widen their revenues as well. To ensure the safety of these transactions he addressed the creation on central banks.…
George Washington and Alexander Hamilton the secretary of treasury, and one of the federalist paper writers, knew that the economy could not prosper in the present chaotic atmosphere. Congress told Hamilton to write a report on the economy of the states. Hamilton analyzed in his report, the financial standing of the United States of America, and made a recommendation for the retirement of the national debt. During the American Revolution, the country under the article of confederation acquired a very large debt. America borrowed a lot of money from other European countries, mostly the French and the dutch. Hamilton’s financial plan in 1791, organized the debt in three categories, debt owed to foreign nations, debt owed by the national government to private citizens and debt owed by states to private citizens. Some states were also in debt. Hamilton calls for assumption which means that he wants to assume all the state debt into the national debt. This financial plan made the southerners angry, especially who believed in states rights. Hamilton comes to a compromise with Thomas Jefferson, the secretary of state, in order to get assumption which is what Hamilton’s wants,but Jefferson wants something for the south. The assumption is very controversial because the southern states are starting to become a state right and they are afraid that if you allow the federal government…
Most people would start small, but no not the U.S. American debt first surfaced during the Revolutionary War in 1776. George Washington borrowed $75 million dollars to pay for the war and Its casualties. But, even though he was able to pay it back, in doing so he knocked over the first domino in a row of many. George Washington took the easy way out; by printing more money and borrowing from…
It’s George Washington’s character, what he valued, and he is unarguably the best president to hold the United States in his best interest. It’s not just what he did for his country, but the reasoning behind it. He is rightfully known as the Cincinnatus of America (Cincinnatus was a Roman general who defeated his enemies and immediately gave up power instead of becoming king) because he put the United States before himself. This is shown in the fact that he could have served for life with great power, but chose not to. He wanted to see the United States develop correctly, and that could not be done with just one man ruling as king. These decisions show the mind set of a true patriot. At the end of his second term though, he revealed one of the most important documents in the United States. George Washington’s Farewell Address was written because he wanted to warn the people of the United States of various outcomes and what he envisioned the future should behold in its most basic form. The purpose for writing his Farewell Address is to remind the United States to moderate political parties, be suspicious of foreign influence, and be wary of false patriotism. He then explains his action by the principles he lays out throughout the address. He closes on the fact he is excited to join his fellow Americans as a private citizen in this newly founded free government that they have created together.…
Washington was quoted as saying, “after this is over, I hope you will give yourself no further trouble,” when he was first received in Wall Street. He accepted the immediate celebration, but wanted no more. This implies that in his future, George would do without unnecessary government spending for itself. He would not be led to pride or…
When George Washington decided to step down from presidency at the end of his second term in 1796, he announced his farewell address for the people. During this time, Washington had done many significant things such as being a leader in the revolutionary war and being the first president of the United States. He set a path for the future presidents. This was one of the most important speeches of his and one of the most important speeches in the history of the U.S. He never gave the address as a speech, but it was published in newspapers across the country. In his speech he lectured his decision not to return for the third term and he reflected about the sense of national security and assurance that America was moving forward and There were…
He also claims that with a combined national debt American currency would have more value than that of the states, but did not provide any evidence or support this claim. Washington als stated that he would “suppress rebellion peacefully” which as the Commander in Chief he has not shown any signs of doing. His support of Hamilton’s idea of industrializing America is implausible for the states that rely on agriculture and would damage the economy of agrarian states. Lastly, Washington did not defend Hamilton and did not work to defend attacks on the Federalist…
At that time our debt was about 4.6 trillion dollars. Clinton felt like this was a problem and something needed to be done about it. Bill Clinton wanted cut taxes for the middle class. He also wanted to make the rich pay their fair share of taxes. Clinton wanted to make sure that Americans get proper training and retraining for their jobs. This will help us reach a high-skilled, high wage economy. He had an economic plan that had three parts. The three parts were: emphasize education and training, not just to kids but also to adults, give new incentives to the private sector to invest in the economy, and think a lot about organizing to make change our friend instead of our…
Revenue was the new Federal Government’s most critical need at the time. The U.S had a great amount of debt following the Revolutionary War. Alexander Hamilton, secretary of the treasury, believed in economic improvement through capitalism. He envisioned a limited, yet assertive government that encouraged new fields of expertise, and fostered investment and entrepreneurship. Due to establishment of public credit, flow of capital became greater and Hamilton proceeded to establish the National Bank chartered by Congress. He believed that this National Bank would provide stable and flexible national currency and it would be a source for capital loans. Hamilton’s achieved his goal at creating the National Bank. His achievement revived the economy and established foundations for capitalism.…
The importance of George Washington’s presidency is evident in his Farwell address. George Washington wrote the Farwell address as a means to voice his concerns for the nation’s future after he retired the presidency. The main concern Washington had was towards the relationship with foreign countries. He believed that the United States should only be in a commercial or economical alliance with foreign countries, but warns about the dangers of becoming military allied with them. Therefore, he proposes the idea that the United States should engage in a state of neutrality, when it came to establishing military alliances with Europe. This idea became known as the Proclamation of Neutrality 1793. This practice of neutrality would continue until…
