Ch 10 Launching the New Ship of State1

Ch 10 Launching the New Ship of State1 - Ch 10 (A)...

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Ch 10 (A) Launching the New Ship of State a. President Washington i. 2 terms-nothing was said about the 2 term limit in the Constitution ii. cabinet- nothing was said about the cabinet in the Constitution b. Bill of Rights i. First 10 amendments to the Constitution (B) Financing the New Government a. Hamilton- 2 plans Was a nationalist, believed in a strong central government 1. funding at par- Revolutionary War Bonds- said that the bond would be paid back in full plus interest some people believed that they would never be paid back. Speculation- some people bought other peoples bonds because they believed that the government would pay it back 2. Assumption of (state) debts Assumption of (state) debts There is now 75 million dollars in debt. Debt was good. It would strengthen the national Thomas Jefferson and Andrew Hamilton begin to have a lot of different philosophies on everything How would this debt be paid off? 2 plans a. customs duties (tariffs) produce revenue
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protective (b)excise tax whiskey Bank of the United States (BUS) Hamilton vs. Jefferson Jefferson- states rights, strict interpretation of the constitution, no were does the Constitution say anything about the federal government. Hamilton-federalism, loose interpretation of the constitution, nowhere in the constitution does it say that the federal government CAN’T create a BUS Necessary and proper clause (elastic clause)
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This note was uploaded on 04/18/2008 for the course HIST 1120 taught by Professor Grigg during the Spring '08 term at UNO.

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Ch 10 Launching the New Ship of State1 - Ch 10 (A)...

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