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Alexander Hamilton wanted to pay the government’s expenses. He was an economic conservative, with economic ideas similar to Washington’s. To pay the expenses he asked Congress for a 5 percent tariff on imports. But the government also needed to establish a good credit rating with other nations. The new government was already about $56 million in debt. Hamilton proposed several steps: 1. Fund the entire Confederation-era debt at face value. This would show the good faith of the new government. 2. Assume the state’s debts that had been contracted during and after the war. By paying back these loans, the government would again be showing its good credit. 3. The main pillar of Hamilton’s fiscal plan was to establish a Bank of the United States. The BUS would have power over other banks, and basically control the economy of the US. Sort of like the FED operates today. Hamilton lost out on the tariff increase as farmers feared it would cost them too much to purchase the manufactured goods they needed from Europe. He also lost out on a projectionist tariff, as the rates remained low.

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15y ago
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14y ago

1.report on the public credit 2.report on national bank 3report on manufacturing

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12y ago

1. Report on the public credit

2. Report on national bank

3. Report on manufacturing

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14y ago

1. By paying off all war debts,

2. By raising all government revenues,

3. and by creating a national bank.

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Q: What were three proposals hamilton made to build a stronger economy?
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