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Alexander Hamilton

Alexander Hamilton. Economic Problems, Financial Plan, & Interpreting the Constitution. Economic Problems. Nation’s finances a wreck War Debts Private citizens loaned money to the government State governments had their own wartime debts US debt in 1789 = $52 million Current US debt.

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Alexander Hamilton

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  1. Alexander Hamilton Economic Problems, Financial Plan, & Interpreting the Constitution

  2. Economic Problems • Nation’s finances a wreck • War Debts • Private citizens loaned money to the government • State governments had their own wartime debts • US debt in 1789 = $52 million • Current US debt

  3. Economic Problems • Must repay debts to win the respect of both foreign nations and its own citizens • Demonstrate responsibility with money • Could hamper lending relations in the future

  4. Hamilton’s Financial Plan • Believed in a strong central government • National government > State governments • Government should encourage business and industry • Strived to get wealthy merchants and manufacturers on his side

  5. Hamilton’s Financial Plan 3 Steps • Pay off all war debts • Raise government revenues • Create a national bank

  6. Hamilton’s Financial Plan • 3 Steps • Pay off all war debts • Raise government revenues • Create a national bank • Wanted National government to pay off the war debts of the states • Most southern states had paid theirs off and did not want to help northern states to pay off theirs • Compromise – the nations capital would be located in the South

  7. Hamilton’s Financial Plan • Favored tariffs • Tax on imported goods, such as shoes and textiles • Benefits of tariffs • Raises money for the government • Encourages growth of American industry • Create a national bank • Safe place to keep money • Issue loans • Issue bank notes – paper money that could be used as currency

  8. Hamilton’s Financial Plan • Create a national bank • Safe place to keep money • Issue loans • Issue bank notes – paper money that could be used as currency

  9. Interpreting the Constitution • Not all people were in agreement with Hamilton • Jefferson and Madison believed the Constitution discouraged a strong central government • The meaning of the Constitution was debated

  10. Interpreting the Constitution • Jefferson’s and Madison’s argument • Strong interpreters of the Constitution • Strict construction – narrow or strict interpretation • Hamilton – loose construction – broad or flexible interpretation • Government did not have the power to set up a national bank • Hamilton wins in Washington, and the National bank is created • video

  11. Political Cartoon • Imagine you oppose or support Hamilton’s plan for the nation’s finances. Draw a political cartoon, in color, expressing your opinion. • Ideas • National bank • Debt • Tariffs • Interpretations of the Constitution

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