“Monetizing the debt”: turning the debt into a form of money ● Great deal of opposition come with this idea ● Debt was considered a burden back then ● Because $ was coming from national gov. More inclined to take steps to make sure the us gov. Would last ● They want the capital put into a southern city, believe capital will become like europe capital like paris london rome ◆ Bc of the political aspect of it ◆ Think it'll develop like that ● Hamilton can’t believe thats all he has to do, move capital ● They decide to chose washington as a site, washington D.C ◆ They built this city specifically for the capital ◆ D.c is political of country ◆ New york is money capital of nation with banks and wallstreet ◆ New york capital for art and broadway ◆ LA for modern music TV and movies ◆ Nashville for country and gospel ■ 3) Protective Tariff + Business Subsidies: ● Protective tariff: means they want a HIGH tax on imports ◆ ( a revenue tariff is a term for low tax on imports, simply to create revenue) ● Wants high tax to encourage americans to manufacture their own goods, instead of $$ stuff from overseas ● He wanted americans in trade and commerce, not a country of farmers ● He wanted to offer them business subsidies to encourage them to build a factory or foundry ● Since USA is mostly farmers, they have to sell their goods overseas bc so much for demand ● People hate high tariffs, they want a low tax ● Protective tariffs is DEFEATED ● Take away tax and give it to someone else, equated as stealing ❖ Hamilton gets:
➢ National bank ➢ Protective tariff ➢ DOES not give business subsidies ❖ French Revolution: ➢ 1789 - 1815 ➢ Trying to limit to power of the french king, Louis XVI ➢ They support the revolutionaries ➢ French revolution is rather bloodless ➢ Revolutionaries establish an english system of government with a monarch with limited power, a national elected assembly with law making powers ( think parliament ) ❖ Jacobins: new group that wanted the new revolution to live up to a new idea. ➢ Liberty ➢ They abolished slavery ➢ Wanted equally ➢ They wanted to make an american style of government ■ One without a monarch ■ They got their wish in 1792/93 ■ They execute Louis the 16th ➢ “Export the revolution” ➢ At war with any place that possessed a monarch ■ Involves the Usa because of the alliance they signed with france and that they would help in future wars and go to the peace table with the french ■ War that lasts until 1815 ❖ US declares neutrality: ❖ Contraband: you can trade with nations at war except for contraband ➢ Weapons, gunpowder, guns ➢ Anything that can be used by the military ❖ U.S makes the most foodstuffs ➢ British claim that foodstuffs are contraband ➢ Bc u have to feed a military ➢ British stop american ships that are headed to france ■ France has a big powerful strong army ➢ Use navy to blockade France ❖ Search and Seizure: ➢
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