feb 13, 1790 - Hamilton's financial plan

Description:

Controversy surrounding it was the first cause of creation of political parties
Madison and Jefferson
Believed future lay in westward expansion, not connections w Europe
Goal= republic of independent farmers, free market
Feared alliance of powerful central govt w emerging class of commercial capitalists
5 parts
Establish US credit/ get over debt: make money to pay back bonds
Combining personal debts into a new national debt
Creation of a Bank of the US (private corp, not branch of govt)
Tax on producers of whiskey to raise revenue to pay back bonds
Tariff (on foreign) + govt subsidies to manufacturers
Also
Promoted an unsuccessful effort to build industrial city at pd Paterson, NJ
Proposed the creation of a national army to deal w uprisings like Shay’s rebellion

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