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Hamilton & Jefferson's Views on the Revolutionary War's Debt
Transcript of Hamilton & Jefferson's Views on the Revolutionary War's Debt
He didn't want the country to have a national bank, which have given the government more power than he wanted them to have.
It contradicted the state's constitution.
It only benefited the merchants and investors.
Did Hamilton ask for too much power?
Yes, we think that Hamilton was doing the right thing by making a national bank and wanting to pay off the debt, but in the process he was asking for too much power(investors, businessmen, and merchants).
Was Jefferson right to oppose Hamilton?
Personally, I think Jefferson was very closed minded. He wanted America to be run certain way and only that way.
Thomas Jefferson was part of the democratic party and was an anti-federalist.
Alexander Hamilton was a strong and influential financial leader, and was one of the Founding Fathers. It was Hamilton's idea to have the Federal government adopt the Revolutionary War debts in order to establish the credit for the new government. Hamilton was a Federalist.
Hamilton & Jefferson's
Views on the Revolutionary War's Debt
Alexander Hamilton vs. Thomas Jefferson
Hamilton wanted to get rid of America's debt, so that America can have credit and so they can pull put more loans later on. He also proposed that the National Bank was needed to enforce taxes. In order to pay off the debt, Alexander took out many bonds; estimated 77 million dollars. He managed to cut spending and by 1798, America had it's first financial surplus, which led foreign investors into giving America more loans.
Jefferson opposed paying off national debt, because he didn't like that a national bank would give the government more authority than they already had and was not necessary. He felt that the government should only take actions that the nation needs.
Ultimately, Washington sided with Hamilton.