Help
Options
Question
What economic problem did the the new nation/government face?
click to flip
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't know
Question
What were Hamilton's economic plans? (3)
Remaining cards (18)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Chapter 6 HISTORY
Section 2 - Hamilton and National Finance
| Question | Answer |
|---|---|
| What economic problem did the the new nation/government face? | high national debt from Revolutionary war |
| What were Hamilton's economic plans? (3) | (1) deal with the debt (2) gain revenue & (3) stabilize the banking system |
| How did Hamilton plan to deal with the debt? (2) | (1) Take on the foreign and domestic debt by replacing creditor's old, low value bonds with new, interest-bearing bonds. (2) take over most of the states $25 million Revolutionary War debts |
| How did Hamilton plan to gain revenue? | pass a tariff to both bring in money and help American manufacturers |
| How did Hamilton plan to stabilize the banking system? (2) | (1) create a national bank (2) create a national mint |
| Why did Jefferson oppose paying the full value of bonds? (2) | it would reward the speculators and cheat the original bondholders who sold at low prices |
| Why did the South not want the federal to take over state war debts? | The Southern states such as Virginia and North Carolina had few war debts and they thought Hamilton's idea was unfair. |
| Why did the Southerners want to move the location of the nation's capital? | they thought that the capital in New York gave the northern states too much influence over the national policy |
| How did Jefferson's and Hamilton's view on the power of the nation's government differ? | Hamilton - wanted a strong central govt; did not trust the judgment of the masses. Jefferson - wanted to protect the power of the states; believed in the average citizen's ability to make good decisions for the nation. |
| How did Jefferson's and Hamilton's view on how to promote economic growth differ? | Hamilton - promote manufacturing and business and pass higher tariffs. Jefferson - promote agriculture and keep tariffs low |
| How did Jefferson's and Hamilton's view on bonds differ? | Hamilton - full value. Jefferson - full price cheats bondholders |
| How did Jefferson's and Hamilton's view on democracy differ? | Hamilton - central government. Jefferson - right of the people to rule |
| How did Jefferson's and Hamilton's view on National bank differ? | Hamilton - wanted a bank so govt could deposit its money, make loans to the govt & businesses. Jefferson - (opposed) thought it gave the federal govt too much power and it was unconstitutional. |
| How did Jefferson's and Hamilton's view on Constitution differ? | Hamilton - loose construction. Jefferson - strict construction |
| What were the functions of the Bank of the US? (3) | (1) to provide a safe place for the federal govt's money, (2) to make loans to the govt and businesses, (3) to stabilize the economy |
| How did Hamilton's plan for national bank address states rights? (2) | (1) proposed limiting the bank's charter to 20 years (2) encouraged states to start their own banks to prevent monopoly. |
| How did Jefferson's and Hamilton's views on the role of a citizen differ? | Hamilton - thought that the average citizen was not interested in public affairs. Jefferson - thought that educated citizens would act to preserve liberty. |
| What compromise did Alexander Hamilton, Thomas Jefferson and James Madison reach regarding repayment of state debts? | support for Hamilton's plan for state debts in exchange for relocating national capital farther south. |
| Why did Congress and the president agree to create a national bank? | they thought a national bank would strengthen and stabilize the nation's economy. |
Created by:
100000212616059