Hamilton's Plan
Alexander Hamilton is considering by many to be the father of U.S. banking and financial system. Hamilton believed that what the United States needed was order and stability. Hamilton was tasked with establishing a financial system for the new government and dealing with domestic and foreign monetary policy, specifically repayment of the Revolutionary War debt and trade relations among the states and with European countries. In my opinion Hamilton's plan was better for our country for several reasons. Hamilton suggested a method of payment which is known as funding, that was a fair exchange. The method was based on getting money by borrowing it. He tho
In his view, the best way to make new federal governemnt succeed was to get powerful, wealthy people behind it. Of course, the money had to be paid back, but he got money to pay them back by having Congress put a big tax on whiskey. He believed the central bank was permitted under "implied powers" of the Constitution. In addition, he knew that if Americans bought American goods, then American factory owners would become richer. At that time, British goods had a much higher quality than American goods. Hamilton wanted a high tariff so that British goods would be expensive and people would buy American goods. Instead, he went to rich people to borrow money at a high rate of interest. Hamilton believed that what the United States needed was order and stability, but if you have inflation, you can not have a stability so he thought that in order to have a stability, it was necessary to end the inflation. Hamilton also wanted the government to get money by putting a high tariff on goods brought from England. He favored a strong central government with wealthy and educated people behind, a national banking system with a uniform currency, and preservation of ties to England's industrial strength to develop manufacturing in America. When the government did not have enough money, Hamilton did not print more money. People were buying British goods because of their high quality. Hamilton liked American businessmen and wanted them to become rich. Hamilton wanted a powerful nation resting on a balanced economy of agriculture, trade, finance, and manufactoring.
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