HIST2111SP-Week10A - Prelude to Jeffersonian Revolution...

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Prelude to Jeffersonian Revolution
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Hamilton’s Strategy to Strengthen Federal Gov’t and Bolster Commercial Interests 1. Bind wealthy to government; give them financial stake 2. Urges protective tariffs to encourage domestic manufacturing a)Encourages Congress to pass first US tariff on imported goods to encourage home manufactures and raise money for treasury b)Tariff yields two-thirds of nation’s income between 1790 and 1860 3. Urges chartering of a Bank of the US with private stockholders a)Issued a 20 year charter to the first Bank of US b)Stimulate economy by circulating surplus funds held by gov’t 4. US to “fund” national debt a)Assumed responsibility for paying the government’s creditors and debt of individual states b)Increased debt collection and imposed new taxes on individuals 5. Strengthens executive -- suppresses “Whiskey Rebellion” (1794) a)Summons militia to quell unrest and arrest protestors b)Backcountry small farmers, who distilled their bulky grain for shipment, were angry at federal excise tax on whiskey and at Hamilton’s “hard money” policy
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Jefferson: Advocate of Agricultural Interests and Power of Individual State 1. Opposed the Bank of the US a) Argued that only the states could issue charters for financial institutions 1. Favored low tariffs a) Argued that high priced imports hurt farmers and other small consumers b) Was not inclined to support protective tariffs 1. Believed that government should not interfere in the lives of its citizens a) High taxes on individual households and on imported goods constituted such an interference 1. Believed that government should exercise restraint in spending a) Government should avoid accumulating debt
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Review All of the following statements about Thomas Jefferson and Alexander Hamilton are true, except : A. Both Hamilton and Jefferson favored protective tariffs A. Hamilton was more pro-commercial interests, whereas Jefferson was pro-agricultural interests A. Hamilton supported the Bank of the US and Jefferson opposed it A. Hamilton was a Federalist, but Jefferson supported the Anti-Federalists
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What Do You Think?
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