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Hamilton's financial plan

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by

jared derry

on 23 January 2013

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Transcript of Hamilton's financial plan

Born in 1755, Alexander Hamilton was raised in poverty in the British West indies. He was very knowledgeable and worked his way into King's College ( now Columbia University). He was an aide to General Washington in the Revolutionary War and worked his way up high in the government. In 1790, Hamilton proposed a financial plan to congress consisting of three steps to improve the nation's finances. Hamilton's Financial Plan Step 1- Paying off all war debts By 1789 the national debt was more than $52 million. Hamilton thought that as a new nation, the U.S. must gain the trust and respect of other nations and show them that they are responsible about money. If other nations saw that the U.S. didn't pay off their debt, no country would lend it money in the future. Many Southern states already paid off their debts and did not like the sound of having to help the Northern states pay of their debts. Step 2 - Raising government revenues To raise government revenues there were high tariffs placed on foreign goods, such as shoes and textiles which were bought in great quantities by Americans, to ensure a steady flow of income to the government. This raised money for the government and encouraged the growth of the American industry. Step 3 - Creating a national bank Hamilton wanted a national bank because it would help the economy of the nation. It would make loans to businesses and issue bank notes which were paper money that could be used as currency.
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