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Do Now 01/29

Alexander Hamilton, the Secretary of the Treasury was responsible for developing a plan to solve the country’s financial crisis.

1. What was the total U.S. debt from 1789-1791?

2. How much did it cost to run the Government?

3. Without the amount of money owed, how much would the government have left after paying its costs?

George Washington

Executive/President

Washington's Cabinet

The Nation's First Economic Crisis

Henry Knox

Secretary of _____

Thomas Jefferson

Secretary of ______

Alexander Hamilton

Secretary of ________

1. The U.S. government agrees to fully pay all federal and state debts.

Hamilton thought that the state debts should be shared by all

  • Some southern states had already paid off their debts.
  • The South will help pay off the debt; the North agrees to move the capital south.

Objective: Create an illustrated commercial & script to explain Hamilton's plan to reduce the nation's debt and rebuild the economy

Revolutionary War Debt

The American Revolution leaves the nation $52 million in debt. The debt was mainly in the form of bonds.

V

2. The U.S. government creates a National Bank for depositing government funds

  • The national bank would be in charge of paying off debt and making loans to people
  • Some thought it was unconstitutional. They thought the national bank might have too much power

Bonds & Speculators

3. The government forces a high tariff on goods imported into the country

With the government deeply in debt, many patriots sold their bonds to speculators for less than they were worth. Why?

  • The tariff protected U.S. manufactures in the North by making imported goods more expensive.
  • Southerners resented paying higher prices for goods in order to help the North ONLY.
  • Due to Southern opposition, the tariff was the only part of Hamilton's plan that Congress did not pass.

V

Hamilton's Financial Plan

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Debt

Hamilton's Plan

Mix, Pair, Share

Discussion Topics

  • Why do you think it was important for Washington to support Hamilton's financial plan?
  • If you were Washington's Secretary of the Treasury, what suggestions would you make to help the government pay back its debt?
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