New Govt.1.The first presidential elections January 1789(1) George Washington was unanimously elected President with 69 votes, and on 30 April, Washington was inaugurated as the first US president. (2) John Adams was chosen Vice-President with 34 votes. 1. The Bill of Rights a. A set of amendments that guaranteed certain individual rights had been promised as a condition of ratification in some states. b. Amendments to the new Constitution could be proposed by a 2/3 vote in both Houses of Congress or by constitutional conventions called by 2/3 of the states. c. James Madison introduced 12 amendments to the constitution in September, that were quickly passed and submitted to the states for ratification. d. Ratification by 2/3 of the states was required to approve an amendment2. Federal Judiciary Act of 1789 September a. The Supreme Court was organized to consist of a Chief Justice and five associatesb. John Jay - first Supreme Court chief justice and Edmund Randolph - first Attorney General. 1. Alexander Hamilton's fiscal program to the House of Representatives created a controversy out of which developed two distinct parties - Federalists and Republicans . 2. The purpose of his program was two-fold a. To establish and maintain the public credit and thereby revive confidence in the government at home and abroad b. To strengthen and stabilize the central government by fostering a consciousness of national solidarity of interest among business and commercial groups who held most of the domestic debt. 3. It favored the wealthy who would lend money and moral support to the new nation. 5. Hamilton's Recommendations a. Funding at Par - Fund the foreign and domestic debt at par, letting creditors to exchange depreciated securities for new interest-bearing bonds at face value. b. Assumption of State Debts - the Federal Government should assume debts of $21,500,000 incurred by the states during the Revolution. 6. Domestic Debt Controversy a. The proposal on the foreign debt was virtually unopposed, but debtor and agrarian groups bitterly opposed the funding of the domestic debt because they had been forced to sell off their securities at a steep discount (1) The government bonds or certificates had been traded to merchants at less than face value, and merchants had restocked, using them at even less value; (2) The certificates had in some cases depreciated to 10 or 15 cents on the dollar (3) Speculators had purchased many depreciated certificates, hoping to cash in. (4) Hamilton had tipped off several speculators who were his friends in the hopes that by putting capital in their hands, they would invest it in industrial development and become endeared to the new federal governments. b. Assumption of state debts were opposed by the southern states, who had already made arrangements to discharge their indebtedness.