Unformatted text preview: Assumption Plan - ∙ The Assumption Plan, arrived at by Jefferson and Alexander Hamilton in 1791, was an arrangement that provided for the federal government to forgive all outstanding state debts in exchange for the relocation of the government seat from Philadelphia to its present site in Washington, D.C. Bank of the United States - ∙ The Bank of the United States was a centralized federal institution devoted to the control of the national economy. Originally conceived by Alexander Hamilton, it fell in and out of favor in the ensuing decades, supported by advocates of strong government and decried by those who valued local and state rights. The fiercest opponent of the National Bank was Andrew Jackson, who waged a savage war against it during the 1830s. Eventually, the necessity of federal involvement in financial affairs was conceded as a given, and today the Federal Reserve Board wields...
View Full Document
- Fall '08
- Barbary States, Alexander Hamilton