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9.1 The New Economy

Chapter 9, Lesson 1
by

Sarah Ryan

on 6 January 2016

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Transcript of 9.1 The New Economy

A New Nation's
Money Problems
Alexander Hamilton vs. Thomas Jefferson
In this corner...
In this corner...
Alexander Hamilton
Thomas Jefferson
In Washington's Cabinet
Secretary of Treasury
Federalist...which means....????
In Washington's Cabinet
Secretary of State
Democratic-Republican
Paying off
the National Debt
Biggest Challenge of the secretary of treasury??
What foreign countries would the United States owe money too?

Why did we borrow money from them in the first place?
The US Gov't also owed about $40.4 million to its citizens
Some were in forms of bonds
Bonds
-notes that promise future repayment of borrowed money; sold during the Revolutionary War to raise money
Officials promised to buy them back plus pay interest
Thought the U.S. would make more money from manufacturing/business
Wanted to pass higher tariffs on foreign goods so Americans would buy American products
Did not trust the common man--only those who were well educated/wealthy
Trusted the "common man," meaning, those not well educated/wealthy
Thought the US would make more money through agriculture than manufacturing/industry/business
WANTED a National Bank
gov't could safely deposit its money there
Make loans to government and business
A national mint should be added--where money is made

AGAINST a bank of the U.S.--believed it was unconstitutional
Strict Construction
-The federal gov't should only do what the Constitution specifically says it can do
President Washington and Congress agreed with Hamilton
Thought it would provide economic security
20 Year Charter
The Bank of the United States ended up helping in economic stability
Another Alexander Accomplishment...
States owed $25 million from Revolutionary War
Wanted to split the bill between all the states, however, the southern states already payed theirs off
The southern states agreed to pay more of the debt if the moving the capital moved closer to them
It went from New York to northern Virginia
Before we get started, you MUST know the following:
Who was the first president of the United States?
Why did the Articles of Confederation NOT work?
George Washington set precedents, such as?
What makes up the executive branch?
Class Discussion!
Thomas Jefferson's Viewpoints:
Alexander Hamilton's Viewpoints:
Such as...
Judiciary Act 1789--Stated the Federal Courts could overpower the state courts--meaning, reverse their decisions.
(Also stated more cases could start at the Supreme Court which will cause a conundrum later...)
Loose Construction
-the federal gov't can take any reasonable actions that the Constitution does not specifically forbid it from taking.
Felt the Federal (or National/Central) gov't should have MORE power than the State gov'ts
Felt that States should retain most of the power in the gov't
Favored an alliance with France since they helped us in the Revolutionary War
Favored an alliance with Britain since they had a strong and stable gov't
Full transcript