CH07 - DEMOCRACY IN DISTRESS: THE VIOLENCE OF PARTY...

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DEMOCRACY IN DISTRESS: THE VIOLENCE OF PARTY POLITICS, 1788- 1800 America: Past and Present Chapter 7 Force of Public Opinion l Root cause of political parties: ambiguity of republican ideology l Federalists (Hamiltonians) stress national economy to preserve U.S. independence l Republicans (Jeffersonians) prefer government small, local, responsive l Parties agree on ends, differ about means Principle and Pragmatism: Establishing a New Government l George Washington unanimously elected president, 1789 l Washington’s reputation helps legitimize new government l Dominant assumptions – all will work together for the common good voters will defer to "betters" in political affairs
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Conflicting Visions: Alexander Hamilton l Secretary of the Treasury l Believed strong central government preserves national independence l Envisioned U.S. as an industrial power l Feared democracy would lead to anarchy Conflicting Visions: Thomas Jefferson l Secretary of State under Washington l Believed limited government preserves liberty l Envisioned U.S. as an agrarian nation l Trusted the common people Hamilton's Plan for Prosperity and Security l A plan to pay off a federal debt of $54 million, additional state debt of $25 million l Proposed "funding," "assumption" of debt l Proposed national bank l Proposed government aid to manufacturing
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Funding and Assumption l Funding: Congress redeems federal certificates of debt at face value – Unsuccessfully opposed because most certificates currently held by speculators l Assumption: federal government purchases states' debts – Initially defeated, salvaged through payments to Virginia, location of new capital on Potomac Interpreting the Constitution: The Bank Controversy l National bank privately owned, Federally chartered to regulate finance l
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CH07 - DEMOCRACY IN DISTRESS: THE VIOLENCE OF PARTY...

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