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Why was the government of the new United States so far in debt after the Revolutionary war?
Wiki User
∙ 9y ago
The United States was in severe debt for several reasons. The biggest reason of all was because no single currency existed. Each state had their own currency and there was no way to determine which had value over which. The next problem would probably have to be the fact that it was a brand new country, meaning that even if there was a single currency how would it have held up against the pound or the franc?
Wiki User
∙ 16y ago
Wiki User
∙ 9y agoThe Revolutionary War was very expensive for the United States because the fledgling government could not impose taxes. After the war, the United States had accrued a large debt for supplies, defenses, and salary for the troops.
Wiki User
∙ 14y agoi don't know what evers people you supose to be
knowng that already.
Wiki User
∙ 9y agoThey borrowed money to fight in the American Revolution.
Wiki User
∙ 11y agoYes, the United States owed a lot of money at that time that was borrowed to support the Revolutionary War.
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Hamilton wanted the federal government to take over in full the old Revolutionary War debt of the Continental Congress and the states because he believed that?
Hamilton believed that if the federal government took over the debt, it would inspire favor toward the government from well-to-do creditors. Alexander Hamilton served as the 1st United States Secretary of the Treasury.
During the confederation period relations with France were strained because of what?
The inability of the United States to repay its debt.
Hamilton wanted the Federal government to assume the war debts of the Second Continental Congress and also of the thirteen states?
Yes, Hamilton wanted the federal government to take on the war debt. He proposed a National Bank, which was met with opposition from many. Hamilton prevailed, and the First Bank of the United States was chartered in 1791.
What economic problems did the newly established US government face after the Revolutionary War?
A few of the problems facing the newly formed U.S. at the end of the Revolutionary war were the need to build a steady strong government and economy to support itself and the great debt that the war itself had caused. Building confidence in its people and winning the confidence of other nations was also a big problem facing the US.
What was America's total debt after the revolutionary War?
36 million
What is the United States debt ceiling?
The United States debt ceiling is a debate about government spending and debt. It discusses putting limits on the amount of debt the government can be in at any time and how much money the government can spend.
What is the public debt?
The public debt is the debt that the United States government owes to other countries.
What did Hamilton believe in regards to the debt the states accumulated from fighting in the revolutionary war?
The national government had the obligation to pay the debt.
What did Hamilton believe in regards to the debt the states accumulated from fighting the Revolutionary War?
The national government had the obligation to pay the debt.
What did Hamilton believe in regards to the debt the states accumulated from fighting revolutionary war?
The national government had the obligation to pay the debt.
Why was the First National Bank built?
The First Bank of the United States was needed because the government had a debt from the Revolutionary War, and each state had a different form of currency.
Hamilton wanted the federal government to take over in full the old Revolutionary War debt of the Continental Congress and the states because he believed that?
Hamilton believed that if the federal government took over the debt, it would inspire favor toward the government from well-to-do creditors. Alexander Hamilton served as the 1st United States Secretary of the Treasury.
The Bank of the United States would hold....?
Government funds and make debt payments.
What is the US federal government's current debt?
The current debt of the federal government of the United States of America is over 14 trillion dollars. See related link for a debt clock.
How money does the US have?
The United States government has no money. In fact it is in debt more than 9 trillion dollars.
How did the United states and many European countries initially respond to the decrease in tax revenue caused by the great depression?
Cutting government spending to avoid going into debt
Is Public debt or External debt bigger?
The Public Debt is debt that is owed by the Government of the United States. The External Debt is that is owed to foreign countries. The current Public Debt is $16,738,541,240,281.19 that over 16 Trillion dollars. The external debt is approximately $15,940,978 that is a lot less than the public debt.
