Section 1A Flashcards
(12 cards)
Inauguration
Ceremony at which the President officially takes the oath of office
National Debt
Total amount of $ a country owes to other nations.
Bond
Certificate which promises to repay the money loaned plus interest on a certain date.
Speculator
Someone willing to invest in a risky venture in the hope of making a large profit.
Protective Tariff
Tax on imported goods to protect American products.
Where was GW sworn in as President and why was this place chosen?
NYC, was the first capital.
What were the first 5 cabinet positions & who held those positions.
1:Postmaster General- Samuel Osgood
2: Secretary of State- Thomas Jefferson
3: Secretary of the Treasury- Alexander Hamilton
4: Secretary of War- Henry Knox
5: Attorney General- Edmund Randolph
Who did Washington pick to be the first Chief Justice of the SC?
John Jay
Why was America in such a financial crisis early on?
America was in huge debt bc of revolution, owed money to other countries, private citizens, & war veterans.
What was the compromise that Hamilton made in 1790?
South agreed to be taxed a second time. In return, the new capital would be built on the banks of the Potomac River. District of Columbia.
What is the Whiskey Rebellion & why is it significant?
Hamilton had to pay taxes to farmers in Pennsylvania, taxed whiskey. Rebellion started in Pennsylvania. Significant bc it shows that the federal government has the power over the states.
What is the first Bank of the U.S.?
Supreme court of banks. Banks would collect taxes & give loans. Hamilton wanted the bank bc it gave all power to the federal government.
