Hamilton was President Washington’s Secretary of the Treasury in the Cabinet in 1789-1795. The first task that Hamilton took care of for President Washington, was the problem of public credit. Since the government had taken on so much debt during the Revolution they deeded a plan to pay it all off. When proposing this idea the vow to pay them back was not taken very seriously. Toward the end of the 1780s, the state IOU's, or money borrowed to finance the Revolution, were seen as nearly valueless. Hamilton then issued a bold proposal that the federal government should pay off all the state’s debts at face value. To raise money for this, Hamilton offered to issue new securities bonds. The people who bought these would pay a huge profit.
Alexander was also requested to create a national currency system. He proposed to the Bank of the United States that a central bank would help the new nation's economic change through a more secure paper currency. By the end, with support from the president, the bank was leased with its first command post in P...
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...tes would never be seen as a stable and reliable nation. To pay off the debts Hamilton designed to raise taxes throughout the country. And when the capital moved from Philadelphia to New York City, Hamilton offered to convince Congress and the President to move the capitol south to an appointed area near Virginia now known as District of Columbia.
Biographical Directory of the United States Congress. Ron Chernow, n.d. Web. 16
U.S. History. Independence Hall Association of Philadelphia, n.d. Web. 16 Feb.
US History. N.p., n.d. Web. 16 Feb. 2014.
Spark Notes. N.p., n.d. Web. 16 Feb. 2014.
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