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The United States acquired $77 million dollars in debt from the Revolutionary War. In order to pay for it, Alexander Hamilton, as Secretary of Treasury wanted to rely on excise taxes and tariffs to pay it off so there was no need for an income tax.
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Why did Alexander Hamilton support the protective tariff?
Alexander Hamilton was Secretary of Treasury when the first tariff was proposed and passed. Hamilton argued that it was very important for the new US government to have steady sources of revenue in order to pay its bills and establish good credit with other nations. Tariffs were easily collected and not an obvious tax to most people. The idea of protecting fledgling US industries was not a major reason for the first tariffs but may have had some benefit.
Under Hamilton's financial plan the main source of government revenue was?
Tariffs
What were the components of Hamilton's five point plan for prosperity?
national bank, establish credit of US, new national debt, Whiskey Tax, national army to protect tariffs,
What did Hamilton do with the tariffs?
It gave more money to the government.It tried to make Americans buy American-Made goods:)
How did Hamilton propose to encourage Americans to support local manufacturing?
Hamilton's main purpose and method of encouraging the growth of domestic business is by imposing tariffs on manufacturing foreign products across the world.
What was Alexander Hamilton's justification on protective tariffs?
nothing
How did Hamilton deal with national debt?
tax on whiskey and tariffs
Under Hamilton's plan the main source of government revenue was?
Tariffs
Why did Alexander Hamilton support the protective tariff?
Alexander Hamilton was Secretary of Treasury when the first tariff was proposed and passed. Hamilton argued that it was very important for the new US government to have steady sources of revenue in order to pay its bills and establish good credit with other nations. Tariffs were easily collected and not an obvious tax to most people. The idea of protecting fledgling US industries was not a major reason for the first tariffs but may have had some benefit.
Under Hamilton's financial plan the main source of government revenue was?
Tariffs
Did Democrats want low tariffs?
No, Democrats Wanted High Tariffs, while Republicans wanted High Tariffs
What was hamilton' s financial plans main source of revenue?
The main source of revenue was tariffs.
What were the components of Hamilton's five point plan for prosperity?
national bank, establish credit of US, new national debt, Whiskey Tax, national army to protect tariffs,
What did Hamilton do with the tariffs?
It gave more money to the government.It tried to make Americans buy American-Made goods:)
Why did Alexander hamilton want a bank?
because our new nation was in debt after the war against Britain
What were main components of Hamilton's economic plan?
The main components of Hamilton's economic plan were to raise tariffs, make states to agree to pay debts and create a national bank. There were different arguments regarding this plan but eventually Hamilton won.
Why did the south not want tariffs?
It would raise prices.
