Hist250Conflicting Visions

Hist250Conflicting Visions - IV Hamilton’s Triumphs A...

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Conflicting Visions I. The First Federal Administration A. George Washington (4/30/1789) 1. Elects cabinet members B. Thomas Jefferson 1. Secretary of State C. Alexander Hamilton 1. Secretary of the Treasury D. Dispute: How should the country achieve greatness? II. Alexander Hamilton A. Background 1. West Indies birth; no state loyalty 2. Prefers powerful government B. Revolutionary War Debt 1. $54 Million C. Values the “Monied Class” 1. Investors; No democratic excess 2. Private greed = public good III. Hamilton’s Fiscal Program A. New interest-yielding bonds 1. Benefits the wealthy B. “Assumption” of states’ debts 1. Increase Fed. Govt’s power C. Bank of the United States (national bank) 1. “Loose constructionist” position (implied powers)
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Unformatted text preview: IV. Hamilton’s Triumphs A. Financial health of U.S. restored B. Foreign investments increased 6x C. Bank of U.S. acquired enormous reserves D. Established nation’s credit system V. Thomas Jefferson A. Background 1. Born in Virginia – favors agrarian life of yeomen farmer 2. State Sovereignty over strong central government B. Agricultural Productivity vs. Industrial Commerce 1. Farmers exchange RM for Manufactured Goods C. Resist national power of financial interests D. Opposed National Bank 1. “Strict Constructionist” (Constitutional authority) E. Opposed Govt. Bonds 1. Favored “ordinary” Americans over the wealthy VI. Source of Split A. Federalists & Jeffersonian Republicans...
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This note was uploaded on 02/13/2011 for the course HIST 250 taught by Professor Wormer during the Spring '11 term at University of Nebraska Kearney.

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Hist250Conflicting Visions - IV Hamilton’s Triumphs A...

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