Today we are going to be learning about how George washington launched a government and set many precedents. We are also going to learn what Alexander Hamilton did to create a financial system in the United states.
This here is George Washington meeting with his Cabinet that he had formed. He chose the most reliable men that all had different point of views.
Alexander Hamilton however, thought differently than the other cabinet members and developed a financial plan. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.
Washington set many precedents such as establishing a cabinet, creating the Judiciary act, and enforces the constitution/ the whisky rebellion.
Since the North had not paid their debt and the South did, the capital was moved there. Something also happening at the time was that Hamilton's piers, James Madison and Thomas Jefferson, feared Speculators.
He talked about the Judiciary act which allows him to appoint judges. He also talks about the Whisky Rebellion, which was a revolt by farmers in 1794 against an excise tax on whisky.
Overall Alexander Hamilton did many things for creating a good a financial system, and George Washington was a unique and clever president with many precedents!
The problem that lead to this plan was that there was a huge National debt. National debt is the total sum of money a government owes. What had happened was that the North had not payed their debt.
An important part of Alexander Hamilton's financial plan was putting tariffs on imported goods. A tariff is tax on foreign goods brought into a country. Hamilton then created a National bank. He conceived of the bank to handle the colossal war debt, and to create a standard form of currency. The Nation Bank was the first ever bank in the U.S.