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Financialplan
1. Great! We got a country!
Now⊠What do we do with it?
?
2. Lets figure out this money thingâŠ
Alexander Hamilton, Washington's
secretary of the treasury, wanted
to get American off to a sound
financial startâŠ.
3. Lets figure out this money thingâŠ
Hamiltonâs Plan: Assumption
Pay off our old debts!
(Old Govt. debts and state debts)
South had already paid most of its debt off...
stay tuned!
Congress Agrees!
Why?
4. Lets figure out this money thingâŠ
Hamiltonâs Plan: National Bank
Stabilize economy, make it easier
for businesses, and deal with govt.
money.
(Wealthy investors owned 80% of
bank)
(Created in 1791 by Congress)
5. Lets figure out this money thingâŠ
âą Hamiltonâs Plan: Protective Tariffs
Protects domestic (U.S.) businesses from
foreign competition (Britain, France)
âą NOT approved by Congress although similar
measures were passed eventually
6. Lets figure out this money thingâŠ
Hamiltonâs Plan: Washington, D.C.
Build it!
Donated land from Maryland and Virgina
7. Lets figure out this money thingâŠ
Hamiltonâs Plan: Excise Tax
A tax on consumption of a particular good =
WHISKEY!
Raise $ for govt and proved the govt could
tax! (trouble brewing)
8. Hamiltonâs Plan: What do you think?
âą VERY controversial
âą Encouraged the wealthy
to support the govt
(stable = safe for $)
âą Put the country on
sound financial footing
âą Some people were not
happyâŠ
9. Hamiltonâs Plan: Whiskey Rebellion
âą 1794: Pennsylvania
farmers refused to pay
excise tax on whiskey
made from their grain
âą Washington called up
the state militias to put
it down
âą Federal Govt was NO
JOKE!
âą Shays?