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He streamlined the bureaucracy and increased the sales of federal land.
-Novanet
Justyn Kuhic
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∙ 16y agoPresident Jefferson inherited a national debt of $83 million, most of which had been contracted to fund the revolutionary war. In his first year, he had his treasury secretary, Albert Gallatin, set up a sinking fund to begin retiring the principal. Despite the unexpected expenditure of $15 million for the purchase of Louisiana, he and Gallatin reduced the principal by $37 million, leaving only $57 million when he left office. It was left to the next president, Andrew Jackson of Tennessee, to finish the work. Under his administration, the last outstanding bond was retired, and in 1835 the country stood un-encumbered of a single dollar of national debt! The country remained debt free for one more year (1836) but it would never again enjoy this desideratum.
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∙ 12y agoJefferson and Gallatin aimed to reduce the national debt that the Federalist had left. They scaled down the military expenses by cutting the army by one-third and reducing the navy from 25 to 7 ships. By slashing spending, Jefferson and Gallatin significantly lowered the national debt within a few years.
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∙ 10y agoHe streamlined the bureaucracy and increased the sales of federal land.
-Novanet
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Why did Jefferson reduce military?
Jefferson reduced military expenses to lower the national debt
Why did Jefferson reduce military expenses?
Jefferson reduced military expenses to lower the national debt
What was the Hamiltonian economic measure repealed by Jefferson and Gallatin?
The Whiskey Tax (1791) was an excise tax that was designed to pay down the national debt. It resulted in the Whiskey Rebellion of 1794 and was repealed in 1801 by Thomas Jefferson and his Secretary of Treasury, Albert Gallatin.
How did Jefferson and gallatin deal with the national debt?
They decreased the functions of the national government.
How Jefferson reduced the national debt?
he made major cuts to the army and navy and streamlined the government bureaucracy.
Who served as Secretary of the Treasury under President Jefferson and is the only person to hold that position and achieve a balanced budget with no national debt?
Albert Gallatin... I'm 100% sure.
Who was the swiss-born treasury secretary who disliked national debt?
Albert Gallatin
Swiss-born treasury secretary who disliked national debt?
Albert Gallatin
How did Jefferson plan to reduce the national debt?
he made major cuts to the army and navy and streamlined the government bureaucracy.
Who was the Swiss born treasury secretary who disliked national debt but kept most hamiltonian economic measures in effect?
Albert Gallatin Albert Gallatin
What did Thomas Jefferson think of the national debt?
He wanted to cut the national debt.
What was the solution of Jefferson's national debt?
Make a national bank
