Table of Contents
- 1 Why did Hamilton support moving the capital to the south?
- 2 What benefits did Hamilton say the National Bank would provide for the US?
- 3 What did Alexander Hamilton want to do to improve the nation’s finances?
- 4 What did Hamilton offer the South?
- 5 How did Hamilton compromise to get Southerners to go along?
- 6 What was Hamilton’s solution to the national debt?
Why did Hamilton support moving the capital to the south?
In exchange, Hamilton got a commitment to reorganize the federal government’s finances by getting the southern states to indirectly pay off the war debts of the northern states. The Residence Act put the capital in current-day Washington.
What benefits did Hamilton say the National Bank would provide for the US?
The Bank would be able to lend the government money and safely hold its deposits, give Americans a uniform currency, and promote business and industry by extending credit. Together with Hamilton’s other financial programs, it would help place the United States on an equal financial footing with the nations of Europe.
What did Alexander Hamilton want to do to improve the nation’s finances?
Finally, Hamilton proposed to aid the nation’s infant industries. Through high tariffs designed to protect American industry from foreign competition, government subsidies, and government-financed transportation improvements, he hoped to break Britain’s manufacturing hold on America.
Why was Hamilton’s plan a problem for the South?
The Southern States opposed the idea of a National Bank which was essential to Hamilton’s economic plans. The Southern States feared that the bank would favor the economic interests of the industrialized northern states ( They were correct in this assessment.)
Why did Hamilton move so rapidly to create large financial commitments by the federal government?
Why did Hamilton move so rapidly to create large financial commitments by the federal government? He felt that the more people the government owed money to, the more people would care about what would happen to the U.S. as a nation. Hamilton also felt that this was a good way to protect America’s new industries.
What did Hamilton offer the South?
What did Hamilton offer the South in order to win Southern support for assumption of state debts by the federal government? Hamilton promised to support locating the national capital on the banks of the Potomac River, the border between two southern states, Virginia and Maryland.
How did Hamilton compromise to get Southerners to go along?
The Southern States feared that the bank would favor the economic interests of the industrialized northern states ( They were correct in this assessment.) To get the southern states to agree to his plan Hamilton compromised allowing the capital of the union to be moved from the northern states ( first Philadelphia, the New York City)
What was Hamilton’s solution to the national debt?
The paramount problem facing Hamilton was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.
How did Hamilton pay off the new bonds?
Hamilton proposed to pay off the new bonds with revenue from a new tariff on imports. Jefferson originally approved the scheme, but Madison had turned him around by arguing that federal control of debt would consolidate too much power in the national government.
Why was Hamilton important to the Antislavery Society?
A member of New York’s first antislavery society, Hamilton wanted to reorient the American economy away from slavery and colonial trade. Although Hamilton’s economic vision more closely anticipated America’s future, by 1800 Jefferson and his vision had triumphed.