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What are we to do
with this heavy debt?
There is but one man in the United States who can tell you; that is…
National Debt – The amount of money owed by the United States to various creditors
Robert Morris
Alexander Hamilton
Alexander Hamilton
- Born January 11, 1755 or 1757
- Political party : Federalist
- 1st Secretary of Treasury
- Revolutionary War :Battle of Harlem Heights
Battle of White PlainsBattle of Trenton
Battle of PrincetonBattle of BrandywineBattle of GermantownBattle of MonmouthSiege of Yorktown
1st Secretary of the Treasury
The United States owes about
$11.7 million to foreign countries, and around
$40.4 million to American creditors!
Bonds – Certificates that represent money owed by the government to private citizens
If the federal government doesn’t
start paying off national debts and
bonds…
Bonds – Certificates that represent money owed by the government to private citizens
Then the government will loose trust from foreign countries, our citizens,
and state governments!
1st plan – Pay foreign debt first & Gradual repay of bonds
Speculators?- Investors who buy items at low pries in the hope that the value will rise laterO
RIGINAL
BONDHOLDER
SPECULATOR
Bon
d
Bon
d
Bon
d(Keep the bond)
(Speculators buy the bond in lower price)
More profit than Original Bondholders!
Less profit than Speculators
1790
Old BondsNew&Reliable
Bonds
2nd plan – Debt Assumption Plan
If the federal government helps states with their
debts, then they’ll give greater support
to the federal government.
Alexander Hamilton
Thomas Jefferson&
James Madison
July 1790
- The House of Representatives approved the debt assumption plan- Present day Washington, D.C., was chosen as the new national capital.
Alexander Hamilton VS Thomas Jefferson
Power of the governmentCentral VS
StatesDirection of the country
Manufacturing VS
Agriculture
Debate over the Bank
Debate over the Bank
Establishing a national bank would provide a safe place to deposit
government funds and would serve as a reliable source of
loans for the government and
businesses! The power of the national bank will be limited by 20-
year charter!
Debate over the Bank
Does Constitution give Congress the power to start national bank?
Debate over the Bank
Yes! Article 1, Section 8, of the
Constitution states that Congress has the right “to make all laws which shall be necessary and
proper” for running the nation!
Alexander Hamilton VS Thomas Jefferson
Debate over the Bank
February 25, 1791
July 11, 1804 Alexander Hamilton-Aaron Burr Duel
Aaron Burr
Hamilton Grange National Memorial
Statue of Alexander Hamilton
- Alexander Hamilton was appointed as the 1st Secretary of Treasury on September 11, 1789.- Alexander Hamilton’s debt assumption plan was approved
by House of Representatives on July, 1790.- There were many arguments between Alexander Hamilton
and Thomas Jefferson; they fought over topics such as power of the government and direction of the country.- United States Congress charter the Bank of the United
States on February 25, 1791.- Alexander Hamilton got shot by Aaron Burr on his lower
abdomen during the duel on July 11, 1804, which eventually made him die on the following afternoon, July 12, 1804.