In the city of hamiltons 2016 2025 strategic plan, there were seven priorities, as identifi ed below. Alexander hamiltons february 23, 1791 letter to the president. The policies of alexander hamilton and thomas jefferson. Those who held old government bonds were very pleased with his plan. Reading standards for literacy in historysocial studies 1,2,3,4,7. The economic policy of the donald trump administration is characterized by individual and corporate tax cuts, attempts to repeal the patient protection and affordable care act obamacare, trade protectionism, immigration restriction, deregulation focused on the energy and financial sectors, and responses to the covid19 pandemic. Alexander hamilton 1st secretary of the treasury protege of washington born on st. He proposed combining the state debts with the debts of the federal government.
As emphasized in the hamilton projects original strategy paper, the project was designed in part to provide a. Six files are included in the alexander hamiltons economic plan pack. What were the three parts of hamiltons financial plan to. Studentswillanswerthequestionsabout hamiltons response. Learn vocabulary, terms, and more with flashcards, games, and other study tools. The intent is to build upon the previous work based on hamiltons current economic. Alexander hamilton is one of the few american figures featured on u. Powerpoint presentation 4 slides activity guide corresponding notes in microsoft word and pdf corresponding cloze worksheets in microsoft word and pdflesson objective. What did alexander hamiltons economic plan call for the. Businesses also were very pleased with alexander hamilton. Alexander hamiltons economic plan ppt and activity guide. Since most americans have forgotten what life looked like before socalled free trade gutted. Hamilton s financial plan alexander hamilton is one of the few american figures featured on u. Thomas jefferson, who was the secretary of state at the time, thought hamilton s plans for full payment of the public debt stood to benefit a corrupt.
Pay off the debts that the states owed from the revolutionary war create support for the federal government among the states give creditors and incentive. Carolina and rhode island, refused to ratify the new plan of government. To analyze the importance of hamiltons economic plan. This guide compiles digital materials at the library of congress, external websites, and a selected print bibliography. Alexander hamilton proposed an economic plan for the united states government to deal with its financial issues.
Treasury secretary, alexander hamilton blazed a trail for trade, industry, the stock market, and banks. Hamiltons economic vision was contrary to that of jeffersons, and as such the united states might not have movedor at least not moved as quicklyin the direction of becoming a. Hamiltons economic plan bondholders who needed money sold their bonds for less than the original value to speculators, or people who buy items at low prices in the hope that the value will rise and they can sell the items for a profit. It wasnt until hamilton s economic policy began to take shape in late 1791 and 1792 that each man took a closer look at the other and began to wonder about what he saw. Hamiltons economic plan recommended reading pages 278286 mr.
Enemies and allies in the creation of an american economy. Hamilton s financial plan the person responsible for developing a plan to solve the country s financial crisis was alexander hamilton, the secretary of the treasury. He also wanted the country to turn more toward manufacturing and industry than farming, which was the current way of life during that time. Hamiltons financial plan can be broken down to four parts the taxation, national bank, hamiltons reports, and the assumption plan all four were within his rights to do so. Economic development in hamilton the 20162020 economic development action plan is the primary plan within the city of hamilton that focuses on advancing the economic. These reports outlined a coherent program of national mercantilism governmentassisted economic development. The hamiltonian economic program was the set of measures that were proposed by american founding father and first secretary of the treasury alexander hamilton in four notable reports and implemented by congress during george washingtons first administration. As treasury secretary, hamilton designed a financial system that made the united. Pay states and national debts in full pay back war bonds 2. Economic development city of hamilton, ontario, canada. Most strikingly, it was an economic vision that had no place for slavery. They sparked strong reactions not only from elected officials and ordinary farmers, but even split washingtons cabinet. Alexander hamiltons economic plan appealed to different groups.
His retirement to mount vernon and subsequent rise. Alexander hamilton spring grove area school district. Alexander hamilton alexander hamilton hamiltons financial program. A resource guide alexander hamilton was a soldier, lawyer, delegate to the constitutional convention, and first u. Presentation comes with accompanying activity guide. What economic concepts do the songs of hamilton help teach. The hamilton project brookings 1 fiscal policy reconsidered alan s.
To analyze the importance of hamilton s economic plan. In short, the 20162020 economic action plan aims to ensure hamilton remains canadas most diversified economy as ranked by the conference. Three were public documents, presented to congress as proposals for policies that congress might enact. First bank lesson 07072010 final federal reserve bank of. He served as a delegate to the constitutional convention from new york and was one of the authors of the federalist papers with john jay and james madison. He proposed that the federal government pay of war debts and assume the debts of the states, protect the nations industries. The second was the creation of bank of the united states to ensure a. Alexander hamilton hamiltons financial program britannica. Hamilton rightly thought that this dependence on expensive foreign goods kept the american economy at a. The first was the central governments assumption of the states war debts to increase national unity and the legitimacy of the government. Ordinary people felt that the rich and educated were the best people to lead the country and make decisions.
To analyze the importance of alexander hamilton s economic plan. He placed a tax on distilled spirits, or otherwise known as whiskey, because not many people produced. Jan 08, 2012 a short video about alexander hamilton s financial plan. Hamilton, jefferson, and the first national bank of the united states magine going to a bank to borrow money. Chapter 4 hamilton, jefferson, and the first national bank. Hamiltons legacy and the great man theory of financial history. The american economy had traditionally rested upon largescale agricultural exports to pay for the import of british manufactured goods. Create a storyboard or mind map to compare and contrast jefferson and hamilton s views in cabinet. Whose vision of america won outhamiltons or jeffersons. Blinder princeton university may 2016 this policy proposal is a proposal from the authors. Six files are included in the alexander hamilton s economic plan pack. Envisaging himself as something of a prime minister in washingtons official family, hamilton developed a bold and masterly program designed. Treasury secretary, alexander hamilton blazed a trail for trade, industry, the stock market, and banks and, according to ron chernow, he was the messenger from a economic future we now inhabit chernow, 2005.
Alexander hamilton helped define what it means to be an american by developing an economic plan to grow american economy. Excise tax 1funding the first thing the us needed to do was pay its debts over 80 million dollars. Repay the debt pay off the federal debt which includes taking on all states debt to improve us credit step 2. Alexander hamiltons vision of a new america called for all of the following except. Hamilton was also the founder of americas financial system and the leader of the. Paying off old bonds at face value rewarded speculators republicans. Hamiltons economic plan planks of the plan reasons pay off the national debt, at par with interests bolster and build the credit of the u. Pay off the debts that the states owed from the revolutionary war create support for the federal government among. But what about this guy alexander hamilton on the tenspot. He placed the countrys war debts into three categoriesthose owed by the united states to foreign governments, primarily.
The report, submitted on december 14, 1790, called for the establishment of a central bank, its primary purpose to expand the flow of legal tender by monetizing. Alexander hamilton, who was secretary of treasury of the united states, had a plan for dealing with the nations financial problems. A short video about alexander hamilton s financial plan. Linmanual miranda created and stars in the hit musical, hamilton, that uses hiphop lyrics to share the story of the first treasury secretary, alexander hamilton, and his role in shaping americas government after the revolution. Before the 1790s, the american economynorth and southwas intimately tied to a transatlantic system of slavery. Upon taking office as president, washington decided to make hamilton. To view the latest economic profile for hamilton city click on the following link and the profile will open in a new window. Protective tariff alexander hamilton s economic plan step 3. Hamilton is located in the centre of the most densely populated corridor of economic activity in all of canada. In 1790 and 1791, secretary of the treasury alexander hamilton presented four major reports that dealt with the financial, social, and constitutional future of the united states.
Hamilton s location provides businesses with easy access to a network of highways, international rail lines, local air connections, the port of hamilton and is within half a days drive of key major urban markets in the united states. Economic lessons from the musical journal of economics. Croix, became an orphan at attended kings college columbia university was an agitator prior to the revolution as a speaker and pamphleteer washingtons aide during the revolution a hero at the siege of yorktown. Restore faith in public credit show strength in national government to pay off the debt pass tariffs a. Alexander hamiltons financial plan free essay example. The hamiltonian economic program was the set of measures that were proposed by american founding father and first secretary of the treasury alexander hamilton in four notable reports and implemented by congress during george washington s first administration. Alexander hamilton ran the only political party in 1789 which was made up of rich businessmen, was a member of the cabinet, and helped write a paper called the federalist. Alexander hamilton was the first secretary of the treasury during george washingtons presidency in the united states of america. The compromise of 1790 was a compromise between alexander hamilton and thomas. Hamilton s economic policies were among the earliest sources of tension. Jan 23, 2017 hamilton s financial plan and the whiskey rebellion duration. These reports outlined a coherent program of national mercantilism governmentassisted. The completion of george washingtons reign as this fledgling nations president has brought with it the end of an era of neutrality. The hamilton city economic profile is an interactive annual report providing a comprehensive overview of the economic health of the city.
This book is geared for young students 5th grade to high school. Hamilton wanted to pay the foreign debt immediately and gradually repay the total value of all bonds. Historian william hogeland describes treasury secretary alexander hamilton s economic plan in a talk titled, the hamilton scheme. If youre looking for an introduction to colonial economic theory, this book explains the difference between the hamilton s american plan and jeffersons agrarianbased plan clearly. When president washington in 1789 appointed hamilton the first secretary of the treasury, congress asked him to draw up a plan for the adequate support of the public credit. Hamiltons economic plan alexander hamilton wanted to restore peoples faith in the u. The hamilton plan is our vision for hamiltons future and its a plan that will build a stronger. Washington concerned about the constitutionality of the united states bank, asked jefferson and hamilton each to give their opinions on the. The students will work in groups to determine which man wrote each of the excerpts and then summarize the argument or point each man is trying to make in the excerpt. Federal means a part of the government that has some. Alexander hamiltons marketbased debt reduction plan peter garber in. Jefferson regarding hamiltons plan to create a system of national debt. Alexander hamilton economic plan linkedin slideshare. Oct 11, 2012 hamiltons financial plan can be broken down to four parts the taxation, national bank, hamiltons reports, and the assumption plan all four were within his rights to do so.
Alexander hamilton developed a financial plan to re establish the credit of the. Alexander hamilton made a name for himself during the american revolution, eventually rising to be the untitled chief of staff for george washington during the war. Hamilton, despairing that his financial plan would be scuttled, appealed to the newlyappointed jefferson to. The second report on the public credit also referred to as the report on a national bank was the second of four influential reports on fiscal and economic policy delivered to congress by secretary of the treasury alexander hamilton. Read the information about jefferson and hamiltons differing views about government. Alexander hamilton offered a remarkably modern economic vision based on investment, industry, and expanded commerce. Hamilton s financial plan consisted of three things. Then fill out the venn diagram summarizing their likes and differences. If youre looking for an introduction to colonial economic theory, this book explains the difference between the hamilton s american plan and jefferson s agrarianbased plan clearly. The third major area of hamilton s economic plan aimed to make american manufacturers selfsufficient. To increase government revenue with taxes and tariffs. Alexander hamiltons economic plan powerpoint, notes, and.
There are a total of 46 songs in the musical lyrics and videos for every song can be found online. Imagine you oppose or support hamiltons plan for the nations finances. By order of congress, the 34yearold alexander hamilton, as secretary of the treasury, studied the state of public debt and submitted recommendations for steering the nations economy. Creating a national bank was unconstitutional and gave the federal. Hamilton s vision of america s future challenged jefferson s ideal of a nation of farmers, tilling the fields, communing with nature, and maintaining personal freedom by virtue of land ownership.
This document the 20162020 economic development action plan is an update and extension of the previous strategy. Economic reports and indicators hamilton city council. They sparked strong reactions not only from elected officials and ordinary farmers, but even split washington s cabinet. Restore faith in public credit show strength in national government to pay off the debt pass tariffs a tax on imported goods pass a tax on whiskey. Hamilton s economic plan alexander hamilton developed a deal with the debt threepoint plan to solve the nations financial problems. Hamiltons financial plan 3 steps pay off all war debts raise government revenues create a national bank wanted national government to pay off the war debts of the states most southern states had paid theirs off and did not want to help northern states to pay off theirs compromise the nations. Alexander hamilton s economic plan involved setting up a national bank, taxing individuals and the federal government assuming the entire national debt, including the debt of each individual state. Hamilton occasionally asked for jeffersons opinions, and jefferson nominated hamilton for membership in the american philosophical society. One of the four parts of hamiltons economic plan was taxation. On a more purely economic level, jefferson opposed hamilton as he felt that the interests of the commercial elite would come to take precedence over american agriculture, especially in the south. Hamiltons business community and institutions, and to the successful implementation of the 20102015 economic development strategy. Whiskey tax tax whiskey and other luxury items to raise money to pay off debt create a us bank to hold tax money, produce a us dollar, and.