Checkpoint | Topic 3a(b) - Hamilton Deals With the National Debt

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What is a national debt?

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The total amount of money that a government owes to other nations or private creditors.

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Alexander Hamilton's plan to take care of the debts created by the nation since the beginning of the American Revolution called for all of the following except . . ..

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Declare bankruptcy and start fresh

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What was the purpose of the tariff passed by Congress in 1789?

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To raise money to pay for the government

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Why did some states object to the federal government taking over every state's debts?

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They had already paid off their debts and didn't want to help other states

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What was the compromise proposed by Hamilton to reach an agreement with southerners?

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To build a new capital city in the South