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Hamilton's Financial Programme (Report on the national bank…
Hamilton's Financial Programme
Hamilton
Talented and ambitious
Washington's favourite
Main ideas
Nationalist
Dominate financial policy
Restore national credit
Report on Public Credit
Funding at face value
Domestic and foreign debt
$56 million
War debts
$21 million
National debt
Unify
Allow money raising powers
Opposition to Hamilton
No opposition to repay foreign debt
Domestic debt
Southerners
Debt was caused by Northerners
Enrich a tiny minority
Madison called for an alternative
Congress accepted Hamilton's proposal
State debt assumption
Objected paying for Northern debt
Expansion of federal power
Compromise
Allowances to settled states
National capital in the South
Second report on public credit
$80 million debt
80% of expenditure on debt
Tax on distilled spirits
Success?
Value bonds rose
Able to borrow money
Political repercussion
Opposed by Madison
Virginia Assembly
Report on the national bank
Revival of Morris
$10 million capital
1/5 government
Depository for government funds
Collection of taxes
Source of capital for loans
Issue paper money and curb excessive note issue
Stockholders' vested interest
Opposition?
Power to charter companies?
Congress passed the bill
Implied Powers
Necessary and proper
Success?
Contributed economic development
Maintained value
Did little for population in South
1792 Presidential Election
Washington
Invaluable legitimacy
Avoided political battles
Unopposed
Federalist majority in Senate