George Washington's Precedent's. PT.2
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Hamilton:I propose that the federal government pays off all the debt, including the debt owed by the states.
Jefferson: I don't agree with that because the south has to pay very few debts, and they think this is rewarding North's failure to pay.
Does anyone have any ideas on what we are going to do about the war debt?
Hamilton: I say that Revenue would be generated by raising tariffs, which should encourage people to buy American-made goods.
Jefferson: No, that's a bad idea because the idea his idea does not support an economy that doesn't rely on manufactured goods.
Does anyone have any ideas on what we are going to do about generating revenue?
Hamilton: When A National Bank would be established, owned jointly by the government and private investors, for the government to store money and make loans. A national mint would print paper money.
Jefferson: My people of the south believe that creating a national bank is stretching elastic clause.
Hamilton you propose you want to make a national bank, why is that?
Hamilton was a "loose constructionist" meaning that he believe that elastic clause gives congress the authority do what is "necessary and proper" to carry out it's powers.
However, Jefferson is a strict constructionist.Meaning he wants a "necessary and proper" clause that puts stronger limits on what is truly necessary.
Did you know that Alexander Hamilton, the first person to ever be the leader of the treasury department supported an economy that supported businessman and manufactured goods made in America?
It's really funny that the secretary of state, Thomas Jefferson, always had conflicting opinions with him. He said that he wanted a economy that supported farmers and agriculture.
They also had differing opinions when it came to the kind of Government they wanted too! Hamilton wanted a strong federal, central government.
Jefferson supported strong state and local governments. They really do have differing opinions!
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