Washington Reading Assignment
The new US had serious financial problems. As the secretary of the treasury Alexander Hamilton was working to solve the new nation´s debt
During the Revolutionary War the government had borrowed a large amount of money. They promised to pay it back of a certain amount of time. Hamilton argued that the United States should pay back the borrowed money from other countries and American citizens
I believe the national government should pay for the war debt for the states.
Many people did not think they would get paid back so they sold their bonds, the certificates promising to pay back all the money, to spectators. The spectators were hoping to get rich when the bonds were paid off. Southern states also complained about paying the state war debts because they had built up less debt than the Northern states. They argues they would have to pay more than their share.
Hamilton made a deal with the Southerners that if they supported his plan he would make the capital in the South.
I will make a new district called Washington D.C, which will be the new capital between Virginia and Maryland.
Hamilton asked congress to start a national bank, it would make a type of money for all the states to use. Many people were against the idea but Washington agreed with Hamilton. A national bank call the Bank of the United States was started.
Hamilton proposed that a tariff to protect American products. The tariff would make products from foreign countries more expensive than American products. It would help America compete against foreign countries.
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