Hamilton’s Economic Plan: Pros and Cons
Hamilton’s Economic Plan: Pros and Cons KEY
-----------------------
Component
Arguments For It
Arguments Against It
Have the federal government pay off foreign debts, reissue bonds to holders.
Have the federal government assume states’ debts
Establish a national bank
Raise a tax on imported goods
Raise an excise tax on whiskey
Put down tax rebellions with a strong federal force
The U.S. will build credit / gain legitimacy with foreign nations. The government would be supported by bondholders who would want the gov’t to succeed so they get paid!.
Some wealthy people had bought bonds from poorer people at a greatly reduced price; they would now be the ones to profit from speculation.
This would protect the states from threats by foreign nations, and would unite the Union. Also, wealthy citizens would want to see the government succeed so they get paid.
The South had already paid their debts, and so did not feel they should also help the North pay theirs. They felt it was fair for each state to take care of their own debts.
It would issue money, handle tax receipts and other gov’t. funds.
Since wealthy people would partial investors, they would be tied to the success of the government.
Some feared a plutocracy could result – rule by the rich.
Also, the constitution does not specifically provide for a national bank. It’s establishment would be unconstitutional.
This tax would raise lots of badly-needed money for the new government.
Also, U.S. industries will grow, since foreign made goods would be more expensive.
Since the South imports more stuff, because they have fewer ports, they will pay an unfair share of taxes.
This would raise a lot of money, and besides, whiskey is sinful, and anyone buying or using it should be taxed.
This unfairly hurts the poor farmers in the Appalachians who grow corn, but make it more transportable and profitable by making it into whiskey. It’s a regressive tax.
People need to know that the federal government can and will enforce federal law. Tax rebellions will not be tolerated. A large military force should be sent to put down the rebellious farmers.
Given the fact the tax was unfair, the tax rebellion is somewhat justified. To solve the crisis, the tax should simply be lifted.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- presidency chart thomas jefferson 1801 1809
- contract closeout process
- 1grade 11 us history quarter 4 curriculum map scope and
- key concepts chart the great depression and the new deal
- hamilton s economic plan pros and cons
- exhibit 5 3 acceptable forms of verification
- introduction the united states social security
Related searches
- pros and cons of annuities for retirement
- pros and cons of annuitizing
- pros and cons of college
- pros and cons of free college tuition
- pros and cons of target date funds
- pros and cons of owner financing
- pros and cons of year round school
- pros and cons of online education
- pros and cons free college
- pros and cons of homework
- pros and cons of going to college
- pros and cons of school uniforms