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What are we to do with this heavy debt?

What are we to do with this heavy debt?. President George Washington. Robert Morris. There is but one man in the United States who can tell you; that is…. National Debt – The amount of money owed by the United States to various creditors. Alexander Hamilton. Alexander Hamilton.

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What are we to do with this heavy debt?

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  1. What are we to do with this heavy debt? President George Washington Robert Morris There is but one man in the United States who can tell you; that is… National Debt – The amount of money owed by the United States to various creditors

  2. Alexander Hamilton

  3. Alexander Hamilton • Born January 11, 1755 or 1757 • Political party : Federalist • 1st Secretary of Treasury • Revolutionary War : • Battle of Harlem Heights • Battle of White Plains • Battle of Trenton • Battle of Princeton • Battle of Brandywine • Battle of Germantown • Battle of Monmouth • Siege of Yorktown

  4. 1st Secretary of the Treasury The United States owes about $11.7 million to foreign countries, and around $40.4 million to American creditors!

  5. Bonds – Certificates that represent money owed by the government to private citizens If the federal government doesn’t start paying off national debts and bonds…

  6. Bonds – Certificates that represent money owed by the government to private citizens Then the government will loose trust from foreign countries, our citizens, and state governments!

  7. 1st plan – Pay foreign debt first & Gradual repay of bonds Speculators? - Investors who buy items at low pries in the hope that the value will rise later BONDHOLDER O RIGINAL Bond Bond Less profit than Speculators (Keep the bond) SPECULATOR Bond (Speculators buy the bond in lower price) More profit than Original Bondholders!

  8. 1790 New&Reliable Bonds Old Bonds

  9. 2nd plan – Debt Assumption Plan If the federal government helps states with their debts, then they’ll give greater support to the federal government.

  10. Alexander Hamilton Thomas Jefferson & James Madison

  11. July 1790 - The House of Representative approved the debt assumption plan - Present day Washington, D.C., was chosen as the new national capital.

  12. Alexander Hamilton VS Thomas Jefferson Power of the government Central VS States Direction of the country Manufacturing VS Agriculture Debate over the Bank

  13. Establishing a national bank would provide a safe place to deposit government funds and would serve a s a reliable source of loans for the government and businesses! The power of the national bank will be limited by 20-year charter! Debate over the Bank

  14. Does Constitution give Congress the power to start national bank? Debate over the Bank

  15. Yes! Article 1, Section 8, of the Constitution states that Congress has the right “to make all laws which shall be necessary and proper” for running the nation! Debate over the Bank

  16. Alexander Hamilton VS Thomas Jefferson Loose Construction Strict Construction Debate over the Bank

  17. February 25, 1791 Bank of the United States

  18. July 11, 1804 Alexander Hamilton-Aaron Burr Duel Aaron Burr

  19. Hamilton Grange National Memorial Statue of Alexander Hamilton

  20. - Alexander Hamilton was appointed as the 1st Secretary of Treasury on September 11, 1789. • Alexander Hamilton’s debt assumption plan was approved by House of Representatives on July, 1790. • There were many arguments between Alexander Hamilton and Thomas Jefferson; they fought over topics such as power of the government and direction of the country. • United States Congress charter the Bank of the United States on February 25, 1791. - Alexander Hamilton got shot by Aaron Burr on his lower abdomen during the duel on July 11, 1804, which eventually made him die on the following afternoon, July 12, 1804.

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