Hamilton's biggest challenge was paying off the national debt from the Revolutionary War. The United States owed about $11.7 million to foreign countries and about $40.4 million to U.S. citizens. Hamilton wanted to pay the foreign debt immediately.
A bond functions as a loan between an investor and a corporation. The investor agrees to give the corporation a specific amount of money for a specific period of time in exchange for periodic interest payments at designated intervals
States' Debts- South didn't like
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.
Jefferson opposed Hamilton's plan for the federal government to pay the domestic and state debts. He thought it was unfair to Southern farmers who had been forced to sell their bonds to Northern speculators during hard economic times.