HIS 315K Notecard 2 - /Do you understand the major issues...

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/Do you understand the major issues or conflicts about domestic and/or foreign policy of the 1790s? For example, disagreements about how to aid the nation’s economy and deal with indebtedness; local or regional protests regarding nationalpolicy? foreign policy regarding Great Britain, France, and Spain?The new fiscal plan: Hamilton’s Plan had five steps which benefited merchants and manufacturers more than southern farmers. They were: 1. Assume the debt of all states andprivate debtors under the national government. States incurred debt under the Revolutionary War. Funding all debt at face value PLUS interest. States with large debt like Massachusetts were favored, but upset low debt states like Virginiabecause they had to somewhat contribute to debt2. Create a new national debt. (Bonds). Speculators who bought bonds from average Americans for cheap (they feared gov won’t repay debt) in return for a huge profit when the governmentbought them back at full values => $$$ (Hamilton was criticized for this) 3.A BUS A private entity with the Government owning the stock (20%)Conflicts between Hamilton and Jefferson 4.Whiskey Tax to raise revenue(Excise Tax)(Sin Tax: Taxon products deemed luxurious, harmful)=> Whiskey Rebellion (1794) 5. A tariff on foreign goods and subsidies to manufacturers to create more goods for export. The opposition (mainly Jefferson and Madison) claimed that the assumption ofthe debt would be unfair to the farmers who sold them to merchants to survive after the war. The Bank of the United States was unconstitutional and theWhiskey taxtargeted farmers.Shays rebellions(regional protest): a crowd of debt-ridden farmers closed the courts in Western Massachusetts to prevent the seizure of their land for failure to pay their taxes.French Revolution/War with Britain and Jay’s Treaty: Jefferson defended the idea of self-government, sympathized withthe French, and critics of Jay’s Treaty said that the treaty said nothing about British impressment of American ships but Britain did agree to leave their outpost which should have already been done. Washington declared neutrality to keep theU.S out of war and Jay’s treaty had Britain leave their outpost in exchange for guaranteed favored treatment of British imported goods. (Feel free to add more but most of the division in the 1790s stem from these events)What were the majordifferences between those who identified themselves as “Federalists” and those who identified themselves as “Republicans”?Federalists (Hamiltonian Federalists)Pro-Constitution being written, Strong central government led by industry andwealthy, Emphasis on manufacturing, shipping, and trade. Favored artisans or collection of artisans. Wanted to export manufactured goods as well as tobacco and rice. A loose interpretation of the Constitution. Favored the creation of the

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Term
Spring
Professor
MATTTRIBBE
Tags
Government, Andrew Jackson, John Quincy Adams, President Jackson, President Jefferson

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