A Report On Public Credit Essay

A Report On Public Credit Essay

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In his First Report on Public Credit, Alexander Hamilton discusses the current financial situation of the United States and, as a response, proposes a plan to take care of the debt accrued from the Revolutionary War. Hamilton 's address tells the story of a significantly indebted newfound nation in desperate need of financial reorganization. He first discusses the strain that could be placed on public credit from public engagements and that the expensive engagement of war against Britain was the price to pay for liberty. Subsequently, he delivers his plan, which focused on the full payment of foreign loans, redemption of bonds (which would create new debt, but nonetheless establish good federal credit), and the assumption of individual state debt into federal debt. He also proposed that tariffs, or taxation on goods, be increased, and that an excise tax on liquor be established. While Hamilton 's report was generally comprehensive, the section on assumption seemed to lack detail. For instance, several states had outstanding debts from war, while others had already paid theirs in full. It is surprising that Hamilton did not mention this in his report, discussing how exactly his plan for assumption would be implemented while taking into account the different debts of each state.
On the other hand, Thomas Jefferson 's account discusses his observation of the Federalists following his entrance in the office of the Secretary of State in 1970. In whole, Jefferson 's text could be taken not only for a document to discuss what had taken place when he met with the President, politicians such as Hamilton and Adams, and citizens over dinner parties, but essentially for a journal entry filled with bitterness against Madison and his proposa...


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...printed money (Continentals) was now worth very little. Therefore, when analyzing Hamilton 's plan, I had to take into consideration just how hard of a hit the economy took.
When it comes to Jefferson 's document, I was reminded of the political propaganda that candidates use to disrepute their opponents. Currently, the public is exposed to these advertisements constantly, given the upcoming election. It is clear through this writing that Jefferson despises Hamilton, yet it is questionable as to whether his statements are overemphasized similarly to those of politicians today. When first reading this, I interpreted it as an angry, yet private, response to events that occurred shortly before. However, when I learned that these documents were published in his autobiography, I began to interpret this document more as a method of exposing Hamilton and the Federalists.

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