HIS150 Chapter 3: Washington to Jacksonian Era
3 Jun 2020
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Washington believed that he should avoid personal involvement in congress. Believed that a stable government needed an elite ruling class. Hamilton proposed that the public debt be funded. Indebtedness that the old congress owes before and after the war be called in and exchanged for interest-bearing bonds. Make state bondholders look to the central government for payment. Create a permanent national debt when new bonds were issued old ones were paid. Facilitate the collection of taxes and make it stable. Report on manufactures : in 1791 hamilton outlined a plan for stimulating the growth of industry and the advantages of a healthy manufacturing sector. Many opposed to exchanging new bonds for certificates of indebtedness. Greater objection to the federal government assuming state debts. Hamilton and jefferson agreed to exchange northern support for placing the capital in the south for virginia"s votes for the assumption bill. Bank of the u. s. began operations in 1791.
