The Washington Administration - Study Notes

1.Why was Alexander Hamilton's Report on Public Credit so controversial? What compromise led to its passage?-Secretary of Treasury-wanted United States to pay off its huge debt from the American RevolutionReport on Public Credit-guaranteed the payment of all remaining state and national debt-the Southern states had already paid their debts-this would force them to pay the northern debts as well, which would reward the northern states for being slow to pay off their debts-compromise --> Hamilton got his debt plan & the southerners got the nation's capital-conflict between loose construction & strict construction --> follow constitution as writtenstrict interpretationthings that are not necessarily granted but deemed appropriate --> Alexander Hamilton3.Why did Hamilton's Report on a National Bank generate an opposition party?-recommended a national bank --> would support the selfish interests of merchants and financiers who would not have the interests of the entire nation in mind-Democratic Republicans --> opposed a strong central government-sided with Madison and Jefferson-members of the militia → each state has a local army-rural (planters) - more removed from the market economy-not as considered with trade-more suspicious of central authority-those with Hamilton --> Federalists (Nationalists)-for the most part involved with the continental army (national army)-want to establish foreign trade with nations-ratifying convention --> 9 our of 13 states have to support to constitutionThe Federalists--> Hamilton, Madison, and John Jay wrote essays (85 essays)national aristocracy --> from good families, well-intentioned, going to serve the general welfare of the population, well educatedProblems that occurred in the United States during the Washington Administration:-debt (both national and at the state level)-frontier problems-Indian-Mississippi-British still have forts in the Northwest territory-trade relations with European nations-also developing a new government-Bill of Rights - supplements the actual constitution with 10 amendments-Madison and his subcommittee went through all of the submissions and decided...

Secretary of the Treasury Alexander Hamilton would...

Hamilton Panorama

Oil on canvas portrait of Alexander Hamilton by Jo...