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History test 2 notes!

History test 2 notes! - I Washington Adams and the...

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Washington, Adams, and the Federalist Agenda (1789-1800) I. Hamilton and Jefferson’s Visions and the Beginning of Partisan Politics (1 st 2-party system) Hamilton’s Philosophy: (background): raised in West Indies, orphaned by 13, works through law school, self sufficient, served as Washington’s officer during the revolution, settled in New York, 1 st secretary of treasury Capitalism: plusses and minuses (believed it rewarded industriousness, work hard to make money, believer in the work ethic, but admitted that there would be stratification (rich vs. poor) Priority: American economic competitiveness particularly with Europe, to do so needed manufacturing base, shouldn’t be dependant on Europe Vision: manufacturing/ work ethic; saw a nation of bustling cities! Strong NATIONAL Government: (should actively do things to help economy) protective tariff: taxes on imports Prefers England as economic partner which promoted close trade relations with Becomes the Federalist ideologue Jefferson’s Philosophy (background): born to dad who was a speculator and grew up in Virginia among aristocracy, owner of slaves, author of Declaration of Independence, believed in leisure, time to pursue other interests, Library of Congress came from his donated book collections, always in debt, in France during American Revolution he sided with France in foreign policy Not anti-capitalism: ok with the idea of people investing in business ect., just not to the extent of Hamilton Vision: yeoman farmers- egalitarian (ex.: farmers with moderate amounts of land, thought everyone should be on same economic level which is why he didn’t want a huge industrial society) Small National government: should do no more than what is strictly written in the constitution, should stay out of personal lives Favors France: during French revolution, big believer of overthrowing monarchy Becomes Republican ideologue (F.Y.I.: Republicans lead to Jackson Democrats) Washington’s Secretary of State- runs foreign policy in cabinet George Washington Only president elected unanimously-twice in 1788 and 1792 (people nervous about the idea of a president but people trusted Washington, tried to quit after first term but they begged him to stay) Hamilton’s Initiatives: “report on the public credit” in Jan. 1790; situation: huge war debts, during war many people paid by government through notes and IOUS, speculator would buy and give 20% because people weren’t sure if they would get their money back from the government at all Proposes: (By 1790 American trade better than ever) Fund the debt at FACE VALUE (speculators very unhappy because they had been buying for cheap and it was now worth a lot) good for foreign confidence and speculators, federal government assumes debts of states, problem with this is that some states like NY had already paid off their debts Report on public credit- Jan. 1790 – Madison turns against Hamilton (were former friends) Jefferson is also against
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Results: major Sectional controversy (creditor North vs.
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History test 2 notes! - I Washington Adams and the...

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