The Historically Significant : Hamilton 's Economic Program Essay

The Historically Significant : Hamilton 's Economic Program Essay

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The Historically Significant: Hamilton’s Economic Program
After the Revolutionary war, the most pressing issue for the American people, newly free from their English monarch, was how to stabilize their economy: an issue that the United States is still facing to this day. The federal government had racked up $54 million dollars worth of debt that continuously rose due to interest, not including the state’s additional $25 million. The paper money issued by the Congressional Congresses and Articles of Confederation was deemed worthless, foreign credit was unavailable, and the people had lost much of their faith in the federal government 's abilities. The solutions to these issues could be found within Alexander Hamilton’s economic program, an exceptionally historically significant part of American history and economics.
After serving as a general under Washington in the Revolutionary war, Hamilton was appointed to the position Secretary of Treasury. In 1789, the Tariff Act which placed an 8% tariff on all imported goods, passed Congress easily and helped cover the current expenses of the federal government. For the $79 million dollars worth of national debt, Hamilton drafted a new plan to raise funds. His plan was called, “funding and assumptions.” This would include the national government assuming all all debt and pay it back at full value. Although instead of paying back all of the debt immediately he proposed that the government give creditors federal bonds that would gain interest. That way the wealthy invest into the American people and the survival of the nation. He proposed a plan that was inspired by the Bank of England; he wanted the national bank to oversee tax revenues, hold government money, and make loans to the governm...

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... the fog of recession and Jackson blamed the recession on the excess of paper money in circulation. Once the economy improved he implemented a hard-money policy and continued to make many changes within the next couple of years, including the Specie Circular which made it so land in the west could only be bought with silver, gold, and other precious metals, would deflate the economy and dry up credit leading to the worst financial history of young american history.
    The history of the economy in the United States is one filled with controversy on which route is best to take. This can be seen between Jefferson and Hamilton, Biddle and Jackson, and now Trump and Obama. The feud will probably never cease, but the common goal for a strong economy free of corruption can be founded in a compromise of Hamilton’s Economic System and Jackson’s loyalty to american citizens.

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