Alexander Hamilton’s Financial Plan for the United States Flashcards
(21 cards)
What tax upset people?
The whiskey tax
How did he plan to raise money?
By using taxes and tariffs (taxes on imported goods)
What was the purpose of the Federalist Papers?
To support ratification of the U.S. Constitution
What tax led to the Whiskey Rebellion?
An excise tax on whiskey
What political party did Hamilton help found?
The Federalist Party
How did Hamilton die?
He was killed in a duel with Aaron Burr
What was Hamilton’s big idea?
The national government should pay off all the state debts
Why is Hamilton’s plan important?
It helped build the U.S. financial system
Goals:
- diversify economy
- honor certificates of indebtedness (whoever was the current holder)
- sale of Western Land
- low tariffs on imports
- whiskey Tax
Who was Alexander Hamilton?
The first U.S. Secretary of the Treasur
What did Hamilton want to fix?
The country’s large debt after the Revolutionary War
Why did Hamilton support the federal government assuming state debts?
To unify the nation and establish good credit
What financial institution did Hamilton establish?
The First Bank of the United States
What happened because of Hamilton’s plan?
The U.S. got better credit and a stronger economy
What role did Alexander Hamilton play in the early U.S. government?
He was the first Secretary of the Treasury
What did Hamilton create to help manage money?
The first Bank of the United States
Who disagreed with Hamilton’s plan?
Some Southern leaders, like Thomas Jefferson
How did Hamilton influence the U.S. financial system?
He laid the foundation for the nation’s financial system
Who was Hamilton’s main political rival?
Thomas Jefferson
What was Hamilton’s vision for the U.S. economy?
He wanted a strong national economy based on industry and commerce
Why did Hamilton want the U.S. to pay all debts?
To make the country look strong and trustworthy
