AMH2010 Test 2 (1)

AMH2010 Test 2 (1) - Early Political Parties, 1790-1800...

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Early Political Parties, 1790-1800 George Washington o 1788-1796 o First President of the United States o Political parties began to emerge in America against the founding fathers’ wishes o Cabinet members Thomas Jefferson Secretary of State Alexander Hamilton Secretary of Treasury o Only president to receive 100% of all of the electoral votes o Vice President became whoever would lose the presidency o No one ran against, John Adams became Vice President o No one knew how to act in the seat of presidency o No Washington D.C. until after his death, he was inaugurated at Wall Street in New York City o Conducted all of his official business in New York and Philadelphia o Chose men he could rely on for his Cabinet members Alexander Hamilton o One of the younger founding fathers o Hamilton believed that a commoner could not run a government o Knew how to manipulate Washington o Made the Treasury the most powerful Cabinet position o Hamilton’s people were called Federalists in the competition against Jefferson o Believed the federal government should have power over everything else o Does everything in his power to strengthen the federal government o Tariff Act of 1789 Believed debt was going to cripple the country No one is going to take the United States seriously as long as the country is in debt First step in showing that the United States has really broken away from Great Britain Could show other countries that the United States was under a stable government and had power Put an import tax on anything coming into the United States Encouraged United States industry to have a market for their goods and to also employ people No income tax for government until 1910s Encourage and strengthen a central government o Report on Public Credit Showed just how bad the United States’ debt was Over $60 million
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$12 million to foreign countries Over $50 million to individual private investors Hamilton wanted to consolidate the debt between the states and the central government and pay them all off at 4% interest to all parties This put the states in debt to the federal government Break between Hamilton and Jefferson o Creation of a National Bank o Hamilton wanted a bank based on the bank of England, a bank that can issue money o Need a single currency for the United States o Hamilton wanted to sell stock in the bank to private investors
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This note was uploaded on 11/07/2011 for the course AMH 2010 taught by Professor Johnr during the Fall '08 term at FSU.

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AMH2010 Test 2 (1) - Early Political Parties, 1790-1800...

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