so they can be out of debt, and so they can buy land
Robert Morris was the first person appointed Secretary of the Treasury by George Washington, but Morris declined this office; thus the first Secretary of the Treasury was Alexander Hamilton, who was appointed at Morris's suggestion. Morris had held a similar position as Superintendent of Finance under the Continental Congress.
England incurred a lot of debt due to national expansion and involvement in wars.
Public debt is the money owed by any one branch of the government. National debt is the money owed by all the branches of government.
Risen Steadily
The first incur of the national debt was predominantly when the US first began as a country, the expense of the American revolution was somewhat around 75.4 million dollars. Over time, due to expansion and purchase by the nation this caused more debt to accumulate and fluctuate.
Robert Morris proposed a 5% tax on imported goodsto help pay the national debt.
by taxing imported goods
Robert Morris proposed a 5 percent tax on imported goods to help pay the national debt Robert Morris proposed a 5 percent tax on imported goods to help pay the national debt
10 pecent inflation tax
5 percent national income tax
He proposed 5% sales tax on imported goods.
Robert Morris proposed the establishment of the National Bank to help pay off the national debt. He believed that a centralized banking system would provide stability and enable the government to borrow and manage funds efficiently. His plan was eventually adopted, leading to the creation of the First Bank of the United States in 1791.
Andrew Jackson was the only president to date to actually pay off the national debt. President Jackson paid off the debt in 1835. He was a wise man by doing so. Many people get confused and believe that there is no national debt when there is a surplus. The last president to balance the budget and regain a surplus of revenue was Bill Clinton and he did it only for one fiscal year.
Hamilton proposed an excise tax to repay the national debt by setting up a national bank. The opposition was that taxing was giving the federal government too much power and a National Bank was unconstitutional.
Robert Morris' "On Public Credit", an economic plan for the colonies, was submitted to the Continental Congress in 1781. The paper laid out a national funding plan with a reliance on direct taxation, including a head tax on slaves. There was no support for the taxation plan.
Alexander Hamilton drafted his First Report on the Public Credit to outline a plan for eliminating the national debt. He did this at the request of Congress in order to pay of the debt and establish national credit.
Hamilton proposed an excise tax to repay the national debt by setting up a national bank. The opposition was that taxing was giving the federal government too much power and a National Bank was unconstitutional.