Hamilton’s plan & Formation of Political Parties

Question 1

What started / formed the two political parties?

Answer 1

The two political parties were formed from Hamilton’s plan and the rivalries it formed. ( Madison {farming} vs. Hamilton {manufacturing} ) and (Jefferson vs. Hamilton)

Question 2

What was the report on public credit?

Answer 2

*most important thing Hamilton did
4 parts.
1. Assumption (federal gov should assume state debt as theirs)
2. Sell gov bonds to pay down national debt.
3. Create new tariffs to lay off interest on the bonds.
4. Create a national bank

Question 3

What was Hamilton’s plan?

Answer 3

He would use his programs (report on public credit) to shift wealth from farmers to merchants AKA from South to North AKA from Agriculture to business.
Hamilton saw no future for the country with agriculture so his goal was a manufacturing economy.

Question 4

Who opposed Hamilton’s plan?

Answer 4

Thomas Jefferson and James Madison. They thought Hamilton’s plan gave the gov. TOO much power.