"George Washington, are you ready to take the oath of office?"
April 30th, 1789
George Washington: "Hamilton, as my Secretary of Treasury. I need your help"
Alexander Hamilton: "I will come up with a plan"
Hamilton's Financial Plan
Alexander Hamilton,"I made a plan to help us with our financial crisis"
George Washington was the United States first president. He was inaugurated in New York City. This memorable event was very nerve racking for Washington because he was setting the precedent for the next presidents.
"How else could we possibly raise more money?"
"Let's impose a tax on all whiskey made and sold in the country"
Shorty after Washington was inaugurated a financial crisis hit the U.S. This was that they were 52 million dollars in debt. However, this night not sound that bad, it was really bad because they were not making enough to even put a dent in this debt.
Problems In Northwest Territory
"Hey you should have been gone already"
Hamilton's plan had three parts. Part one was to pay back all debt including the state and federal debt. This part of his plan was approved. Part two was to create a national bank to store all of their money. This part of his plan was also approved. The third and final part of his plan was to create high tariffs on imported goods This last part of his plan however was not approved.
"The French Revolution shall begin"
To raise some more money, Congress imposed a tax on all whisky made and sold in the country. This made the backcountry farmers who made whisky mad because it meant that they had to do it for a greater price. So they made protests and refused to pay the tax. This event tested the will of the new government.
Eventually some conflict began to arise. This conflict happend in the Northwest Territory. The issue was, was that the British had promised to withdraw within a reasonable time according to the Treaty of Paris, but in a decade they were not only still there but they were supplying the Native Americans with ammunition to use against the U.S. To end all of this conflict they passed something called the treaty of Greenville.
Beginning on April 1789, the French revolution caused by the financial crisis that they fell into, an economic depression, and enlightenment/age of reason began.