Section 2 - Hamilton and National Finance
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| What economic problem did the the new nation/government face? | high national debt from Revolutionary war
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| What were Hamilton's economic plans? (3) | (1) deal with the debt (2) gain revenue & (3) stabilize the banking system
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| 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
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| How did Hamilton plan to gain revenue? | pass a tariff to both bring in money and help American manufacturers
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| How did Hamilton plan to stabilize the banking system? (2) | (1) create a national bank (2) create a national mint
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| 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
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| 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.
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| 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
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| 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.
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| 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
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| How did Jefferson's and Hamilton's view on bonds differ? | Hamilton - full value. Jefferson - full price cheats bondholders
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| How did Jefferson's and Hamilton's view on democracy differ? | Hamilton - central government. Jefferson - right of the people to rule
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| 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.
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| How did Jefferson's and Hamilton's view on Constitution differ? | Hamilton - loose construction. Jefferson - strict construction
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| 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
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| 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.
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| 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.
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| 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.
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| 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.
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