Question

Relative to both the path and pace of American economic progress, how would Hamilton’s and Jefferson’s alternative positions on the role of debt matter?

Answer 1

A major problem facing the first federal government was how to deal with the financial chaos created by the American Revolution. States had huge war debts. There was runaway inflation. Almost all areas of the economy looked dismal throughout the 1780s. Economic hard times were a major factor creating the sense of crisis that produced the stronger central government under the new Constitution.George Washington chose the talented ALEXANDER HAMILTON, who had served with him throughout the Revolutionary War, to take on the challenge of directing federal economic policy as the treasury secretary. Hamilton is a fascinating character whose ambition fueled tremendous success as a self-made man. Born in the West Indies to a single mother who was a shopkeeper, he learned his first economic principles from her and went on to apprentice for a large mercantile firm. From these modest origins, Hamilton would become the foremost advocate for a modern capitalist economy in the early national United States. Hamilton's influential connections were not just with Washington, but included a network of leading New York merchants and financiers. His 1780 marriage to ELIZABETH SCHUYLER, from a wealthy Hudson River valley land holding family, deepened his ties to rich and powerful leaders in New York. His innovative financial policies helped overcome the fiscal problems of the CONFEDERACY, and also benefited an economic elite with which he had close ties.Alexander Hamilton had served as assemblyman from New York County in the New York State Legislature and was the first delegate chosen for the Constitutional Convention. Even though Hamilton had been a leader in calling for a new Constitution, his direct influence at the Convention itself was quite limited; the Convention adopted very few of his proposals in the final draft of the document.

However, after signing the Constitution, Hamilton took a highly active role in the successful campaign for the document’s ratification in New York. He recruited James Madison and John Jay to defend the proposed Constitution through a series of essays (known today as the Federalist Papers) and made the largest contribution to that effort by writing 51 of the 85 essays published. Hamilton’s essays and arguments were influential in New York state and elsewhere during the debates over ratification. In the Federalist Papers, Hamilton argued that the separation of powers in the new republican system would prevent any one political faction from dominating another (at the state and federal level) and, therefore, preclude the possibility of tyranny. Hamilton also expressed support for the Federalists’ vision of a nation of self-sacrificing men of talent who could be trusted to contribute and partake in the political process.A leading journal in early American history and culture, the William and Mary Quarterly publishes refereed scholarship in history and related disciplines from initial Old World–New World contacts to the early nineteenth century. Its articles, sources and interpretations, and reviews of books range from British North America and the United States to Europe, West Africa, the Caribbean, and the Spanish American borderlands. Forums and special issues address topics of active interest in the field. The Omohundro Institute of Early American History & Culture supports scholars and scholarship focused on the expansive field of early American history. The OI has produced a deep bench of award-winning scholarly monographs on a variety of topics; published the leading journal in the field, the William and Mary Quarterly; and sponsored events including conferences designed to bring together scholars for robust exchange at various levels of career achievement for robust exchange.According to Jefferson, who does not benefit from Hamilton's plan to assume state debts.the north and the government. Summarize the main points of Jefferson's argument. Jefferson doesn't want Virginia to be taxed because New York is in debt.