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Chapter 8 - Summary Give Me Liberty!: an American History

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James Moore
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Chapter 8: Securing the Republic
Politics in the Age of Passion

 April 30, 1789—George Washington became 1st president o NY City—nations temporary capital American leaders anxious over organized political partieso Parties considered divisive and disloyalWhat issues made the politics of the 1790s so divisive?Hamilton’s Program Political division 1st surfaced over financial plan developed by Secretary of the Treasury Alexander Hamilton (1790-1791)o Aimed to establish nation’s financial stabilityo Aimed to bring to the government’s support most powerful financial interestso Aimed to encourage economic developmento Long term purpose to make US a major commercial and military power Program had 5 parts:o 1. Establish nation’s credit-worthiness People would loan money to government by purchasing bonds Proposed federal government assume responsibility for paying off entire debt from war and outstanding debts of the stateso 2. Creation of new national debt Old debts replaced by new interest-bearing bonds issue to governments creditors Gave men of economic substance a stake in promoting national stabilityo The stronger and more economically secure the federal government, the more likely it would be to pay off is debtso 3. Creation of a Bank of the United States: Proposed by 1st secretary of the treasury, Alexander Hamilton, the bank that opened in 1791 and operated until 1811 to issue a uniform currency, make business loans, and collect tax monies Modeled after the Bank of England Private corporation rather than branch of government Hold public funds Issue bank notes that would serve as currency Make loans to the government when necessary Return profit to stockholderso 4. Raise Revenue Proposed tax in whiskey producerso 5. Imposition of a tariff (tax on imported foreign goods) and government subsidies to encourage the development of factories that could manufacture products currently purchased from abroad The Emergence of Opposition Hamilton’s vision of powerful commercial republic o Supported by American financers, manufacturers and merchants Plan hinged on close ties with Britain (main trading partner)o Alarmed those who believed nation should chart a different path of development Madison and Jefferson—future lied in westward expansion1

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Chapter 8 - Summary Give Me Liberty!: an American History

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