Book Notes- Chapter 7

Book Notes- Chapter 7 - Chapter 7- Politics and Society in...

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Chapter 7- Politics and Society in the New Republic Sunday, September 30, 2007 1:42 PM 1763-1820   The Political Crisis of the 1790's I. The Federalists Implement the Constitution i. Citizens were able to not only vote for state leaders, they could also elect  national leaders ii. Federalist swept the 1788 election 1. 44:8 in the house of representatives iii. George Washington as President and John Adams as vice president 1. Adopted many practices of the Confederation 2. Asked Congress to reestablish the existing executive dpts. a. Foreign Affairs b. Finance c. War 3. Introduced the Constitution a. Only he could remove officials b. Created a supreme court but lacked a national court  systme i. Enacted the Judiciary Act in 1789- federal district  court in each state c. Federalists added a bill of rights i. Ten amendments written by James Madison,  ratified in 1791 II. Hamilton's Financial Program i. Alexander Hamilton chosen as secretary of the treasury 1. Strongly conservative 2. Plans outlined in three reports a. Public credit b. National Bank c. Manufacturers 3. Laid out a program of national mercantilism ii. "Report on Public Credit"     1. Financial/Social implications of Hamilton's report made it  controversial
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2. Called on Congress to redeem at face value the millions of dollars  in securities issues by the Confederation 3. Proposed to pay the Burrells and other Confederation note  holders with new gov't-issued, interest-bearing securities and creating a  permanent national debt  owned by most wealthy families 4. Henry/Madison challenged the plan 5. Made a second proposal for the national government to enhance  the public credit by assuming the war debts of the states, favor wealthy  creditors 6. Assistant Secretary of the Treasury William Duer and his  associates bought the war bonds of the southern states at cheap rates 7. Hamilton changed the policy to include reimbursement of the  states iii. A National Bank     1. Dec 1790: Hamilton issued a second report a. Asked Congress to charter the Bank of the United States b. Joinly owned by private stockholders and the national  government c. Hamilton claimed it would provide finanacial stability Secretary of State: Thomas Jefferson joined with Madison against  Hamilton I. Declared it "unconstitutional" IV. Washington signed the national bank legislation iv. Revenue and Tariffs     1. Hamilton turned to the final element of his finanacial system 2. He didn't support high protective tarrifs  that excludes competing foreign  products 3.
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Book Notes- Chapter 7 - Chapter 7- Politics and Society in...

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