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...
... middle of paper ...
... 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.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- A Comparison of Historically Significant Fossil-Lagerstätten Lagerstätten are fossil-bearing assemblages that, in most cases, contain exceptionally preserved specimens. These assemblages are useful in recreating paleoenvironments and are considered to be windows to the past. Two types of Lagerstätten are recognized: concentration and conservation. Concentration Lagerstätten are useful in determining the composition and reconstruction of food webs. These sites are determined to be true concentration Lagerstätten if they demonstrate a mechanism of concentration rather than merely presence of diversity (Nudds & Selden 2008).... [tags: specimens, scottland]
895 words (2.6 pages)
- Alexander Hamilton and Thomas Jefferson were two significant figures in American history. Both men made profound contributions to America, through experience as well as knowledge and intellect. In Federalist 15, Hamilton stressed the significance of unity among the people of America. Furthermore, Hamilton seems to initiate a call to action when he says, “…there are material imperfections in our national system, and that something is necessary to be done to rescue us from impending anarchy,” (Hamilton, ¶ 2).... [tags: United States Constitution, Alexander Hamilton]
1355 words (3.9 pages)
- A lot of Hamilton’s Federalist economic program, wasn’t demolished by the Jeffersonian Republican’s, however, they did abolish the taxes on whiskey, decreased the government expenditures, and Jefferson’s array of the Republican Simplicity. Republicans glorified the agriculture and trade that occurred before 1800. During the first part of the 1800’s, the United States saw tremendous economic and population growth, which ended up expanding the nation. Trade exports to Europe and commercial agriculture multiplied and Americans headed towards the West in flocks.... [tags: United States, Thomas Jefferson, James Madison]
879 words (2.5 pages)
- Why couldn’t Hamilton and Jefferson get along. Alexander Hamilton was born on January 11, 1755 in Nevis, British West Indies and Thomas Jefferson was born on April 13, 1743, Shadwell, VA. They both grew up on plantations and had families and siblings. However, Jefferson had nine siblings while Hamilton only had his younger brother James A. Hamilton. The two men had a great adoration for reading and were brilliant. They were phenomenal writers and had many famous works. They were both founding fathers and were part of Washington’s first cabinet.... [tags: Thomas Jefferson, Alexander Hamilton]
1448 words (4.1 pages)
- “[T]he man on the ten-dollar bill is the father of the American treasury system, a signer of the Constitution, one of the primary authors of the Federalist Papers, and the loser of the infamous duel with Vice President Aaron Burr. Alexander Hamilton's earlier career as a Continental Army officer is less well known. Yet Hamilton's first experience in public service is important, not only because it was the springboard to his later career, but because it also deeply influenced his values and thinking” (Hamilton).... [tags: Alexander Hamilton Biography ]
1037 words (3 pages)
- Born in the British West Indies, Alexander Hamilton was a bright and talented young man. In 1772, he moved to the mainland to attended King’s College in New York City. Soon after, he quickly embarked on an extraordinary career. Between his arrival in America and his death, Alexander Hamilton contributed greatly to establish our governmental framework. He fought under George Washington in the Revolutionary war and was a member of the Continental Congress. He was an advocate for the ratification of the Constitution and established a prestigious law career.... [tags: United States Constitution, Alexander Hamilton]
1231 words (3.5 pages)
- Have you ever wondered what Alexander Hamilton would be able to accomplish if he had not been killed by Aaron Burr. Hamilton, one of the Founding Fathers, was a talented man who achieved many things during his lifetime. Therefore, it is no surprise that he could attain a higher position in the office and even become a president. In fact, with him being a president, many events could be changed, including the War of 1812, the slavery system, and even the size of the country. First of all, let take a look at Alexander Hamilton.... [tags: Thomas Jefferson, Alexander Hamilton]
1257 words (3.6 pages)
- Different people have different outlooks on how the nation should be ran and how our economy should produce our money. For instance two great presidents have two different outlooks on how our economy and our politics should work. Thomas Jefferson wanted an economy based on small family owned farms, while Hamilton on the other hand wanted to manufacturer and produce as much as possible in factories. Both of their plans for the economy have many strong points, but they also have some weak points. Many small towns and families make their living off of their family farms.... [tags: Jefferson, Hamilton, USA, ]
562 words (1.6 pages)
- I agree with Hamilton's point of view on "whatever find declarations may be inserted in any constitution respecting it must altogether depend on public opinion, and on the general spirit of the people and of the government." United States of America is a country that strongly relies on the freedom, liberty, equality of its citizens and also public opinions. According to John Locke, "people are born free with natural rights, including the rights to life, liberty, and property. His social contract theory holds that in order to protect people's natural rights, a government is formed to protect those rights.... [tags: Alexander Hamilton]
1047 words (3 pages)
- Biography of Alexander Hamilton Summary Alexander Hamilton was most likely born on January 11, 1757, although the exact year of his birth is unknown. Hamilton was born on the Caribbean island of Nevis or St.... [tags: Hamilton Founding Father Biography History]
1052 words (3 pages)
- Nutrition Is The Study Of Food And The Nutrients
- Women And Gender Minorities During The North And South America Face The Ever Pressing Burden Of Violence
- The World Class Has Learning Outcomes
- The Use Of Prisons And How The Are A Very Complex Mechanism
- Making Mistakes Is Part Of Learning
- My Educational Philosophy Of Education