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Created with Fabric.js 1.4.5 Hamilton and national finances Alexander Hamilton decided that he had a plan to cure the U.S. of all of its debt. He wanted to pay foreign debt immediately and slowly pay bonds. One person who majorly disagreed with with Hamilton was Thomas Jefferson. Jefferson disagreed because he thought that this wasn't fair to people who sold their bonds at low prices. Hamilton also wanted to pay 21.5 million dollars of 25 million of debt that the states had. Since the south disagreed with this, he bargained the location of the capital in exchange for their cooperation. Hamilton believed in a strong federal government. Once again, he and Thomas Jefferson disagreed. Jefferson and Hamilton fraught over how the economy should grow. Hamilton wanted new forms of economic growth and Jefferson firmly believed in farming. Hamilton wanted to create a Bank and national mint. Jefferson and Maddison believed that this gave too much federal power. Since Jefferson believed in strict construction he argued against the constitutional eligibility of the bank. In February of 1791 the first national bank opened. Alexander Hamilton was George Washington's aide and delegate to 4 congresses. The U.S. Owed 11.7 million to foreign countries and 40.4 million to citizens. In 1790 bonds became a lot more reliable. Hamilton's bargain with the south worked and the capital was moved to Philadelphia for 10 yrs. Thomas Jefferson believed that it was the right of the people to rule the country. Hamilton wanted the government to award companies with excellent products. Hamilton wanted to raise tax on foreign goods because he thought that it would encourage citizens to buy items made in the U.S. In 1791 the differences between Hamilton and Jefferson went public. Hamilton wanted each state to have its own bank. Jefferson claimed that having a bank was not necessary but convenient. President Washington agreed with Hamilton on having a national bank.
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