Hamilton’s Economic Plan
Alexander Hamilton is a very important man in American History. Hamilton worked as the Secretary of Treasury. He was in charge of all the governments’ money. He signed all the dollars and coins for the United States of America. The country was almost in 100 million dollars in debt. Since he was in charge of that he made a 4 part economic plan.
The first part of the economic plan was to deal with the war debt. Hamilton wanted to pay off all his bonds. He also wanted to issue and sell new bonds in a cycle to keep it in a battle. Hamilton also wanted to repay all the money to the individual states and foreign countries. Most of the debt appeared during and after the American Revolution. The southern states had already repaid so they didn’t want to come out there pocket but in the end. He went through with the plan with Congress’s approval and it worked but that was only the first part of the plan.
The second part of the plan was to help with the creation of the first national bank. The whole point was to safe hold and lend money to the government. The government thought it wouldn’t be a good idea because they were already in so much debt. They didn’t want to create more debt because it was already hard enough. Congress agreed with Hamilton’s Plan. In the year 1791 the bill was past for the first national bank.
The third part of Hamilton’s plan was the Tariff Proposal. The Tariff Tax put a Tax on manufactured goods that were imported in to the United States. In 1789 a tariff act that put duties and import taxes. Two years later Hamilton got the Congress to pass a protective tariff on manufactured goods imported in the U.S.
The fourth part of Hamilton’s plan was a Whiskey Tax for even more money. The whiskey tax put a tax on any kind of alcohol, wine, beer,etc. this eventually led to the whiskey rebellion.
If the Whiskey Rebellion had little military significance, its...