Payment should be to original holders or to

This preview shows page 41 - 43 out of 109 pages.

payment should be to original holders or to speculators who bought many bonds from originals during hard times of 1780s. James Madison proposed dividing btwn two. Hamilton won out and current bondholders paid Hamilton faced stiffer opposition to fed’l assumption of state debts b/c ppl of states with few debts (such as VA) would pay taxes to service large debts of other states (like MA). Compromise w/ Virginians moved capital from Philadelphia to a southern location along Potomac R. for VA support of bill Bank bill most heated debate, Madison, Jefferson, Randolph, others argued Congress should exercise no powers Const did not assign it. Bill passed House and Senate, Bank of United States began operating 1791 under 20 yr charter Passage of excise tax and tariff 1792. Whole program won support of the influential population- restored public credit, speculators, manufacturing + merchants prospered. However, small farmers (maj of pop) complained of tax burden, taxes to state, excise tax on distillation, + tariff- feeling Federalist program served interests not of ppl but of wealthy elites The Republican Opposition Framers believed organized political parties dangerous, should be avoided would lead to factions (Madison Fed Papers #10), but eventually Madison and others convinced that Hamilton and Federalists had become a majority and used their power to control appts,
Image of page 41

Subscribe to view the full document.

offices, and rewards to supporters B/c Federalist structures thought to resemble corrupt Brit govt and menacing structure, critics felt only alternative vigorous opposition thru emergence of alternative political organization- the Republican Party By late 1790s Republicans creating even greater apparatus of partisan influence- correspondence btwn groups, influenced state and local elections Both groups believed represented only legitimate interest group, neither conceded right of other to exist- factionalism known as “first party system” Leaders of Repubs James Madison and Thomas Jefferson, Jefferson believed in an agrarian republic w/ independent farmer-citizens tilling own soil. Didn’t oppose commerce, trade or industry, but feared cities, urban mobs, and advanced industrial economy b/c of increase of propertyless workers Establishing National Sovereignty Securing the Frontier 1791 PA farmers refused to pay whiskey excise tax, Washington called militia from 3 states, Whiskey Rebellion collapsed- intimidation won allegiance Fed govt won loyalty of frontiersmen by accept territories as new states (NC 1789, RI 1791 last of 13 colonies)- VT 1791, Kentucky 1792, Tennessee 1796 Native Americans and the New Nation Clashes with natives raised question of Indians’ place of in federal structure. Constitution recognized tribes as legal entities, but not outright nations Constitution did not address main issue of land, Indians lived within US boundaries but offered some measure of sovereignty Maintaining Neutrality In 1791 GB sent first minister to US, question of US neutrality arose in 1793 when
Image of page 42
Image of page 43

{[ snackBarMessage ]}

Get FREE access by uploading your study materials

Upload your study materials now and get free access to over 25 million documents.

Upload now for FREE access Or pay now for instant access
Christopher Reinemann
"Before using Course Hero my grade was at 78%. By the end of the semester my grade was at 90%. I could not have done it without all the class material I found."
— Christopher R., University of Rhode Island '15, Course Hero Intern

Ask a question for free

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern