And secretly supported them since washington believed

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And secretly supported them Since Washington believed pres. Should stay out of political conflicts second hand Alexander Hamilton expressed his ideas while in office and out of itHamilton was extremely aristocratic both politically and in his personal tastes despite being an illegitimate child form the Caribbean Believed that in order to have stable and effective govt. Require an enlightened ruling class → need support of wealthy upper classMany debts of revolution fell into hands of wealthy speculators
Proposed that new govt. Would take ahold for existing public debt and also recommended that the federal govt. Assume / take over debts states had accumulated during revolutionEncourage states to look to central govt for eventual payment but Hamilton instead didn’tvision that ans instead with new bonds being issued as old ones were paid off (basically be prepared)Result would be wealthy classes would give some money but see it as a functioning govt.Wanted to create a national bank = help fill void that absence of well developed banking systemHelp collect taxes and disburse govt.s expendituresMost of govt. Funds came from sale of public lands in WestHamilton = two new taxes → one to be paid by distillers of alcohol liquors which would impact whiskey distillers in the South (Virginia,pennsylvania,North Carolina who turned crops into alcohol)Second tax = tariff on imports → raise revenue and protect American manufacturing from foreign competition Federalists = had plan /vision on howto stabilize the new govt.Enacting the Federalist ProgramFew members of Congress objected Hamilton's plan for funding the national debt/ many did oppose his proposal to accept the debt at face value Old certificates given to merchants/officers/soldiers/farmers as payment for war supplies during Revolution Due to hard times during the 1780s many original holders sold bonds for fraction of facevalueJames Madison proposed paying original bondholders but Hamilton stated it should go to current bondholders and his was passed by govt.Hamilton argued creation of national bank wasn’t compatible with intent of constitution even though wasn’t expecting it but Madison, Jefferson, Randolph and others argued if not explicit shouldn't say itRestored public credit (good for wealthy) → political opposition of FederalismRepublican Opposition Most farmers including George Washington = believed that organized parties dangerous and should be avoidedAfter ratification of the Constitution Madison and others believed Hamilton and his party had become an interested and overbearing majority Federalists had used their control over appointments and awarding of govt. Franchises to reward supporters and win allies Believed that Hamilton and supporters doing same thing as British govt.s in early 18th century had done Federalists seemed to be creating tyrannical structure no choice but to compose strong opposing side By 1790s Republican party go to greater lengths than Federalists to spread influence

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