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Chapter 10.2 Alexander Hamilton vs. Thomas Jefferson

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Chapter 10.2
Alexander Hamilton vs. Thomas Jefferson
Hamilton wanted a government strong
enough to fix America’s problems…
Thomas Jefferson trusted the
people to fix their own problems…
Do these people look happy or mad?
Now that President Washington is in
office…
• It’s time to fix the economy
• What’s the problem?
– Our government had a national debt of $81.5
million dollars!
• Amount of $ owed by our country to other people
– Foreign countries
– Citizens we borrowed money from
– What happens if we don’t pay these people back?
Debate over settling the debt
Alexander Hamilton
Thomas Jefferson
• Wanted to pay back all bonds • Ok with Hamilton’s ideas, but
there is a problem:
sold to citizens over time!
– Bonds = certificates purchased
that can be turned in for more
money in the future
– Why did Hamilton want to do
this?
• Government gains credibility
with the people
– Speculators have bought bonds
from citizens for less than they
are worth!
• Now the government is going to
buy them from the speculators
for full price?
– That cheats the original owner
out of money!
• Who wins?
– Hamilton!
• 1790 Government starts buying
bonds back!
Debate over Paying off debt owed by States
from the American Revolution
Alexander Hamilton
• Argued that government
should pay states debt off
Thomas Jefferson
• Felt each state should pay
back their part of the bill
• Why?
• Why?
– We all fought for freedom.
• So, our federal government
should pay the bill.
– Some states owed a lot!
• Massachusetts
• New York
– Some did not owe much at all
• So who wins?
– Both….sort of.
• Virginia
• North Carolina
They both get something in the end.
Hamilton
• Federal government pays
off the states debt.
Jefferson
• The nation’s capital moves
from the North to a more
Central location….
• In exchange for….
– The birth of Washington, D.C.
• Will be built as the new
nation’s capital!
New York to Washington DC
Washington, D.C. 1800
Washington 1850
Washington DC today
Debate over Role of Government
Hamilton
• Had little faith in the average
citizen
Jefferson
• Had a lot of faith in the
average citizen
– Said they could not be trusted
to do the right thing.
– Said they should govern
themselves
– Why?
• Because the average American
does not take education
seriously
– Said they would educate
themselves and do what is right
– They take politics even less
seriously
• So, you need a large
government
– Job = protect the liberties of all
citizens equally
• So, government needs to be
small
– Job = stay out of the way
Debate over how the Economy should
grow
Hamilton
• Government should give
“stimulus” money to
American entrepreneurs
Jefferson
• Government should stay out
of the economies way
– Why?
• America is made up of farmers!
– Why?
– They know how to do it
themselves!
» Don’t need any help!
• So they could start their own
factories and businesses
– Hire people
– Make products here in USA
• Government should pass
protective tariffs
– Tax on goods from other
countries
• Tariffs should remain low
– Why?
• Keep price of goods lower.
– Helps citizens be able to
afford them
Debate over a national bank
Hamilton
• Wanted to start a national
bank.
– Why?
• So that the government can
make their own money
– No more state money
• What is the big deal?
– Federal government would own
all of the money in America!
– Not each individual state
Jefferson
• Hated the idea of a national
bank
– Why?
• Some states are richer than
others
– They would lose this power if
the federal government
owned all of the money
• What is the big deal?
– The Constitution does not give
the government the right to
make a bank anyways….
• Or does it?
What does the Constitution say?
• Article I, Section 8
– Congress has the right to
“make all laws that are
necessary and proper”
• Hamilton (loose)
– Says a bank is necessary for
future growth as a nation
• Jefferson (strict)
– Says a bank is convenient
• Not necessary
Who wins?
• Washington agrees with
Hamilton…again.
• Bank of the United
States
– Created in 1791
• For 20 years
– If it works we will keep
it longer
В» If not, we get rid of
it.
Meanwhile…
• While America is trying
to build itself into a great
country….
– A great country is trying
to destroy itself….
• 1789
– France decides to have
their own Revolution
• Replace their monarch with
a democracy like
America….
Review Questions
• What is the national debt?
• What are bonds?
• What was Hamilton’s idea to fix the economy?
• What was Jefferson’s idea for the role of
government?
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