Did Hamilton support funding debts?
In the first two, Reports on the Public Credit, which he submitted on January 14, 1790, and December 13, 1790, he urged the funding of the national debt at full value, the assumption in full by the federal government of debts incurred by the states during the Revolution, and a system of taxation to pay for the assumed …
What was Hamilton’s plan to fix the debt?
The paramount problem facing Hamilton was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.
How did Hamilton justify the creation of the bank?
Hamilton justified the Bank and the broad scope of congressional power necessary to establish it by citing Congress’ constitutional powers to issue currency, regulate interstate commerce, and enact any other legislation “necessary and proper” to enact the provisions of the Constitution.
What was Hamilton’s view on the Revolutionary War?
Transcript of Hamilton & Jefferson’s Views on the Revolutionary War’s Debt. Hamilton wanted to get rid of America’s debt, so that America can have credit and so they can pull put more loans later on. He also proposed that the National Bank was needed to enforce taxes. In order to pay off the debt, Alexander took out many bonds;
Do you think Hamilton did the right thing?
Yes, we think that Hamilton was doing the right thing by making a national bank and wanting to pay off the debt, but in the process he was asking for too much power (investors, businessmen, and merchants). Personally, I think Jefferson was very closed minded.
When did Hamilton become Secretary of the Treasury?
In the aftermath of ratification, George Washington became the first President of the United States in 1789 and appointed Hamilton as Secretary of the Treasury. In his new role, Hamilton continued to expand on his interpretations of the Constitution to defend a series of proposed economic policies. The United States began to become mired in debt.