DEBT DEBATE AND
NATIONAL BANK

Cause

Paying the debt owed by US in the revolutionary war

Owed:
11.7 million to foreign countries
40.4 milloin to US citizens

Hamilton

Jefferson

Pay the foreign debt immediately and gradually repay the total value of all bonds

Disagree to pay the debt. Paying full value would allow speculators to make a profit

Reason: the speculator paid what the bond was worth and took the risks. It's fair

Reason: the idea cheated bondholders who had sold their bonds at low prices

State debt: paying the states' debts would help the national economy in northern

State debt: The South didn't have a lot of debt and they can't get money

Manufacturing, business and industrialization.
high/protective tariff

Farmers. Depending on commerce is too risky

strong federal government.
They shouldn't give much power to individuals.

protect the power of states.
It is the people's right to rule the country

loose constitution

the federal government can take reasonable
actions that the Constitution does not specifically forbid.

strict constitution

the federal government should do only what the Constitution specifically says it can do.

Pay the debt

State debt

economy

Power distribution

The constitution