One of the Founding Fathers of the United States of America, Alexander Hamilton is best known as the principal author of the classic work on constitutional government, The Federalist However, his enduring influence on American matters of state lies equally with his reports to Congress on the financial affairs of the Federal government. Hamilton is chiefly responsible for the design and establishment of Federal institutions, and above all for the financial system which helped consolidate the states into a nation, and then put that nation on its path toward an industrial economy.
Alexander Hamilton's Economic Program Date: Early s First off, who was Alexander Hamilton? He was Washington's Secretary of Treasury. His basic economic plan was to shape fiscal policies to where they favored wealthier groups.
Then, they would lend the government monetary and political support. The upper classes would grow, and prosperity would trickle down to the masses.
If the wealthy are doing well, everyone's doing well. Hamilton believed a national debt would tie the states together, and a little bit of debt was a good thing, so he urged Congress to fund entire national debt passed and assume all state debts. If the federal government took over state debts, states would feel indebted to federal government and strenghthen the central government this rocked for Hamilton, being an extreme Federalist.
States in a lot of debt, like Massachusetts, loved this idea. Virgina, with little debt, was not as happy with this. The national assumption of state debts program was carried through in He thought of debt as an asset. This tariff would protect infant industries Hamilton supported manufacturing.
Pivotal in Hamilton's economic program was the establishment of a national bank.
Read topic of Strict and Loose Construction for more information about bank. Bank was created in Stock open to public sale. Significance of Hamilton's economic programs: Even though Jefferson opposed the bank, he kept it when he became president, showing how necessary the bank actually was.
Washington DC placed on the Potomac.
Hamilton established the first financial system in America:Alexander Hamilton developed a financial plan to re establish the credit of the US by providing for the payment of the nation’s debts.
Hamilton established the credit of . This book was made up of 85 essays that were written by Alexander Hamilton, James Madison, and John Jay.
This political party was formed by Jefferson and it opposed the Alexander Hamilton's Financial Plan. It supported the common man and espoused the belief that the best government was the one that governed the least APUSH Unit 3 Review.
Date: Early s. First off, who was Alexander Hamilton? He was Washington's Secretary of Treasury. Young, hot (just take a look at the $10 bill if you don't believe me), brilliant, and a radical conservative Federalist, no one can disagree that he was an economic genius.
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Alexander Hamilton offered a remarkably modern economic vision based on investment, industry, and expanded commerce. Most strikingly, it was an economic vision that had no place for slavery.
Before the s, the American economy--North and South--was intimately tied to a trans-Atlantic system of slavery. Hamilton’s financial plan can be broken down to four parts the taxation, national bank, Hamilton’s reports, and the assumption plan all four were within his rights to do so.
One of the four parts of Hamilton’s economic plan was taxation.