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hamilton propsed that the federal gov't assume payment of the debts contracted by the states during the revolution. to pay the combined state and federal debt, he devised a financial plan, which was that the nat'l gov't borrow money to be repaid over a long period. he advocated a nat'l bank to help administer the program, and submitted a variety of taxes to pay for it. as the gov't built financial reserves, it would depositthe money into the nat'l bank. then the bank would lend out providing capital for planters and businessmen. a substantial portion of the revenue is to be paid off the debt would come form high tarrifs on imported good, the tarrifs would protect new American industries from cheap foregin competition. objections to the plan was by the antifederalists, who thought that these actions would place power and control in the hands of the few wealthy merchants and businessmen

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