II. Hamilton and Nationl Finances
Terms
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- How did Hamilton hope to diversify and strengthen the U.S. economy?
- to make good in the U.S. instead of buying from other contries.
- tariff
- tax on imports
- Whiskey Rebellion
- farmers could not sell whiskey at a profit; farmersrefued to pay taxes threatened to force local tax officials to give up their offices; Washington gathered an army of 13000 troops; when the rebels heard that the troops were marching against them, they scattered
- proective tariff
- would protect American industry from foreign competiton by taxing foreign products
- How did Alexander Hamilton propose the national government handle the national and state debts?
- fund the national debt (warbonds)at face value to the active holder; assume state debts as a national obligation
- What was the biggest problem facing the country?
- a money problem; debt
- What happened to the bonds issued to American citizens by the American government during the Revolutionary War?
- many people dis believed that war bonds would get paid back and sold their notes for only a few dollars
- Why did people oppoe Alexander Hamilton's plan to pay off the bonds?
- the southern states had accumulated much less debt than the north
- charter
- to establish or start
- 10th Amendment
- reserves to th states and the people powers not given to the government
- Washington D.C.
- nation's capital; to get the southern states to adopt his idea he would favor a southern location for the capital of the U.S.
- excise tax
- a tax only for goods made in the home country (U.S.A)
- What was the major issue concerning the chartering of a national bank? Explain the arguments botth for an against the national bank.
- whether or not the bank was constitutional; Thomas Jefferson and James Madison argued that the Constitution had not given the government the power to create a national bank; Alexander Hamilton argued that Article 1 section 8 of the Constitution gave Congres the power to create a bank; Congress was give the power to collect taxes and control currency
- speculators
- people who risk $ in order to make a larger profit