Economic problems in America (1789)
- Created by: lyd_kate
- Created on: 06-04-17 13:26
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- New Govt 1789 - Economy Problems
- Hamilton's report on public credit (2)
- America's national debt soared to over $80 million due to Hamilton's 1st plan. 80% of federal govt's expenditure needed to finance debt
- Hamilton's report on National Bank
- Bank of US - opened Philadelphia Dec 1791 . Banknotes maintained value & some control of banks
- Congress passed bill despite Madison's opposition - did not have power to charter companies. Doctrine of implied suggested by Hamilton
- Act as a depositary for Govt, funds, facilitate collection of taxes , provide a source of capital to stimulate development of business, paper money (not print too much ) stockholders have an interest in govt.
- Coinage Act
- Created US dollar as standard unit of money. US Dollar same exchange ate as Spanish silver dollar.
- Five officers - director, assayer (analysis) chief coiner engraver, treasurer
- Whiskey Rebellion
- 1791 tax on liquor heavy of frontier farmers (no whiskey, can't get rid of corn and rye - not good transport)
- Mobs terrorised federal agents , stopped courts from functioning - Penn 1794
- Aug 1794 6,000 whiskey boys gathered in Pittsburg, set up mock guillotines solidarity to revolutionary France
- Washington originally led 13,000 Militia to Pittsberg - delegated to Hamilton
- Hamilton's report on manufactures
- Dec 1791. Plan for industrialisation through a system of protective tariffs and government subsidies.
- Report shelved. 1792 tariff act for revenue not protection
- Dec 1791. Plan for industrialisation through a system of protective tariffs and government subsidies.
- Hamilton's report on public credit (2)
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