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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
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.
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2. The U.S. government creates a National Bank for depositing government funds
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?
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Hamilton's Financial Plan
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