10-17-06 - 10-17-06 Bank of United States has a role that...

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10-17-06 Bank of United States has a role that monitors all the currencies that are circulating around A dollar is worth a dollar b/c you believe it to be so…not because there is specie to support it Need a stable, sound currency to support business Hamilton believes future is with a strong central government Bank of US is very reliant on the US government Opposition to the Bank initially led by James Madison then joined by more such as Thomas Jefferson Three complaints about Bank of US: o States that had already paid their debt were upset about outstanding national debt b/c they were carrying other states’ burden Federal Assumption of State Debts o The bonds that were issued earlier have increased in their value and also interest rates People complain that this is unfair…Hamilton’s reply is that it’s part of life o A lot of people argued that the Bank of the United States was unconstitutional No where does it specify that the federal government has the power to create a bank of the United States Hamilton argues for implied powers of the federal government o He argues that the Bank of United states fulfills functions that are implied in the constitution We must have a treasury department o Broad interpretation Jefferson defined necessary as indispensable o Was a stretch of interpretation o Narrow interpretation Another group of opponents to Hamilton’s program were farmers o Whiskey tax hurt them o Had great difficult shipping grain over Appalachian mountains so they converted into alcohol o 1794- Whiskey Rebellion Large numbers of farmers rose up in opposition to tax Tar and feathered tax collectors
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This note was uploaded on 03/20/2008 for the course HIST 127 taught by Professor Staff during the Fall '08 term at UNC.

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10-17-06 - 10-17-06 Bank of United States has a role that...

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