Hamilton proposed the creation of the national debt in order to tie the wealthy merchants of the colonies to the success of America. Hamilton used the national war debt, gave back all of the money the states had already paid to deal with it, and put all the debt on the shoulders of the American people. He believed debt was healthy, necessary even. Debt would be a blessing during war times as well as build a positive credit for the country.
Historical Figures:
- Thomas Jefferson
- Alexander Hamilton
- George Washington
Significance:
The debt further ensured the success of the United States because it tied the debt to the merchants. If America didn't prosper financially, they wouldn't get paid back. It also created a larger rift between the federalists and antifederalists.
Artifact:
A newspaper recounting Hamilton's financial plans (including national debt)
Sources:
Tucker, Rich. "America's Debt, Through the Eyes of the Founders." The Heritage Foundation. The Heritage Foundation, 8 Oct. 2013. Web. 9 Nov. 2015.
"Hamilton's Financial Plan." Ushistory.org. Independence Hall Association. Web. 9 Nov. 2015.
Lindenbaum, Jacob. "National Gazette." George Washington's Mount Vernon. National Gazette. Web. 9 Nov. 2015.
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