Question

Discuss Alexander Hamilton's threepart economic program for the new federal government and the success of each of the three components

Answer 1

Ever wonder how our economy came to become stronger? Alexander Hamilton, secretary of the treasury had plans to steady the government’s economic base during times of crisis (economic wise). Hamilton’s new country’s financial system has three parts to it. The first part consists of banking, the second public credit, and the last lead more to the report of manufacture.
The first part consisted of transportation agriculture and banking. Due to this Hamilton believed we had to surpass Britain’s political structure, therefore encouraging the growth of commerce, trade alliances, and manufacturing. The increase in grain prices in Europe caused by underproduction leads American farmers to plant more for the export of trade. It impacted well and caused more jobs such as millers, coopers, dockworkers, and shipbuilders. Transportation grew as well, private companies build and connected troll roads. Economic resurgence as the growth of commercial banking, banks increased rapidly and drew money also made loans.
The public debt and taxes dealt with the recommendation of debt being funned but not paid back rapid enough. In other words, the old certificates were becoming into new bonds then earning interest until they retired later. in the book the section “The First Bank of the United States and the Report on Manufactures” depicts how Hamilton really wanted Congress to support it so that the united states could be independent of foreign nations for military and other supplies. Although, he convinced Congress to pass a 25% tax on whiskey which had to be paid from farmers who brought grain and whiskey customers.

Overall, congress ended up approving Hamilton’s debt plan in 1790. His plans were drastically making changes and helping the United States economically. The three reports made from Hamilton were great to the federal government, banking, public credit, and manufacture all made up the reports to actually increase the economy in the United States.