HISTORY 3 - Judiciary Act 1789 Supreme Court 6 member 1...

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Judiciary Act 1789 Supreme Court 6 member 1 Chief Justice 5 Associate Justices 13 Federal Court Districts 3 Circuit Court of Appeal John Jay First Chief Justice of the Supreme Court Washington’s First Cabinet Thomas Jefferson – Secretary of State Henry Knox – Secretary of war Edmund Randolph – Attorney General Alexander Hamilton – Secretary of the Treasury James Madison – Member of the House of Reps Acted as Washington’s eyes and ears in the Congress Tariff Act of 1789 – Tariff is a tax on imports This act was designed to raise revenue No income tax at this time Ho government makes money – Land Sales and Tariff This first tariff was not designed to protect American manufacturing by keeping out foreign goods – BUT that will change over time Madison had hoped this first tariff would place extra duties on countries that did not have trade agreements with us – Aided Great Britain Alexander Hamilton – Believed in government by the rich and well-born Felt a strong and stable and effective government required a ruling elite class – did not trust the masses One way to ensure the survival of the government was to attract the support of the wealthy As Secretary of Treasury – Congress asks Hamilton to submit a series of reports for a financial system for the new government 12 million in foreign debt 40 million held by individuals in the form of securities (bonds) issued during the war – promised repayment with interest Some money will still be owed to soldiers 1 – Report on Public Credit
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Funding A – various bond out there in the hands of many B. Call in old bonds – exchange them for new ones gov ill make interest payments – promise to retire debt in 40 years Hamilton envisioned the government having a debt – attract the support of the wealthy 2 – Assumption A. State govts have a combined debt of 25 million dollars State debt would be taken over (assumed) by the federal gov Motivation behind this – subordinate the state financial interests to those of the central gov 3 – Excise Tax A. A tax on the production, sale, and consumption of a commodity Today we call them sin taxes – alcohol and cigarettes Purpose of tax – raise additional revenue for the interest payments on the national debt Also establishes Federal gov authority to levy taxes on its citizens First Excise Tax – WHISKEY Bank of the United States Charter for 25 years Controlled by a Board of Directors 5 appointed by government and 20 elected from stockholders In order to capitalized the bank (Put money in the vault) sold stock in the band – sold out with in hours Bank another way to consolidate federal power Report on Manufactures This report contained Hamilton’s vision of what he felt this nation should or needed to become US would never become a great nation until it diversified its largely agrarian economy As long as we continued to import most of our manufactured goods we would be a 2 nd rate nation Farmers Merchants Manufacturers
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This note was uploaded on 04/20/2008 for the course AMH 2010 taught by Professor Adams during the Spring '08 term at University of Central Florida.

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HISTORY 3 - Judiciary Act 1789 Supreme Court 6 member 1...

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