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The Debate1787-1820
Enlightenment influence Believed in the people Agriculture led to profit
(European Wars) Check against Hamilton big
government / centralization “expense of each person” Cut the debt
Country was young and weak Economic plans to unify the
nation and ensure place in international community
Loose/personal (implied) constitutional interpretation (Article I, Sect. 8)
Industry and manufacturing is the future
Did Hamilton’s fiscal plan profit some at the expense of others?Was it worth it?
Is carrying a national debt in the interest of the nation?
Does Congress have the right to create a federal bank?
Should America focus on agriculture, which it had in the past, or should it develop its trade and manufacturing?
Do states have the right to judge the legitimacy of national laws?
Essential Questions
Social and Economic Hierarchy
Macroeconomic Policy
Constitutional Interpretation
What Kind of America?
Federal Versus State Power
1787-1820
Which Political Leader Was More Important?
Is there a RIGHT answer?
Ideological bias Confirmation bias Hindsight bias
1787-1820
Hamilton’s Fiscal Solution
Did Hamilton’s fiscal plan profit some at the expense of others?Was it worth it?
Primarily the north and wealthy
Paid by all(sort of)
1787-1820
If all the public creditors receive their dues from one source…their interest will be the same. And having the same interests, they will unite in support of fiscal arrangements of the government.
It is equally evident that to be able to borrow upon good terms, it is essential that the credit of a nation should be well established.
As to Taxes, they are evidently inseparable from Government. It is impossible without them to pay the debts of the nation, to protect it from foreign danger, or to secure individuals from lawless violence and rapine.
Give therefore to the first class a distinct, permanent share in the government. They will check the unsteadiness of the second…they therefore will ever maintain good government.
I am not a friend to a very energetic government. It is always oppressive. It places the governors indeed more at their ease, at the expense of the people.
[T]he principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
If we run into such debts, as that we must be taxed in our meat and in our drink…as the people of England are…we must live, as they now do, on oatmeal and potatoes; have no time to think, no means of calling the mis-managers to account…
Every government degenerates when trusted to the rulers…alone. The people themselves are its only safe depositories.
1787-1820 Hamilton’s Fiscal Solution
National Debt and Macroeconomic Policy 1789-2010
Is carrying a national debt in the interest of the nation?
A national debt, if it is not excessive, will be to us a national blessing.
No man is more ardently intent to see the public debt soon and sacredly paid off than I am.
National Bank and Constitutional Interpretation
Hamilton
Jefferson
Necessary and proper implies whatever the government needs to do to solve problems
Necessary and proper means whatever is absolutely necessary
Does Congress have the right to create a federal bank?
1787-1820
What Kind of America?
Should America focus on agriculture, which it had in the past, or should it develop its trade and manufacturing?
1787-1820
Hamilton’s scheme worked “brilliantly”
European markets also brought prosperity to American agriculture
Between 1790-1810, farm families settle as much land as they had settled during the entire colonial period (conflict over land rights)
Jefferson takes office in 1801 and pursues policies that make it easier for farm families to acquire land
Louisiana Purchase Lewis and Clark Favorable farm policies maintained
Republic Party’s dominance in South and West
Federal Versus State Power1796-1800
1798 Coercive Laws : “He that is not for us is against us” 1798-99: Virginia and Kentucky Resolves Revolution of 1800
Hamilton supports Jefferson Judiciary stacked with Federalists (Marshall’s Legacy)
Marshall asserts Court’s authority -- challenges state power
Congress refuses to extend Alien and Sedition Acts and amends Naturalization Act
Do states have the right to judge the legitimacy of national laws?
Did Hamilton’s fiscal plan profit some at the expense of others?Was it worth it?
Is carrying a national debt in the interest of the nation?
Does Congress have the right to create a federal bank?
Should America focus on agriculture, which it had in the past, or should it develop its trade and manufacturing?
Do states have the right to judge the legitimacy of national laws?
Essential Questions
Social and Economic Hierarchy
Macroeconomic Policy
Constitutional Interpretation
What Kind of America?
Federal Versus State Power
1787-1820