Hamilton and National Finances

What war was the cause of our 52.1 million dollar debt?

• The Revolutionary War

• The French and Indian War

• The Seven Years War

• The French and Spanish War

What was one way the US tried to collect money quickly?

• Selling land to foreign countries

• Raising taxes

• Raising tariffs on foreign goods

• Selling bonds

Alexander Hamilton wanted a weak central government and stronger states.

• True

• False

Thomas Jefferson did NOT want the wealthy and elite to run the country.

• True

• False

Alexander Hamilton believed our economy should be based around businesses and manufacturing.

• True

• False

Thomas Jefferson was in favor of higher tariffs so that people were more likely to buy US goods.

• True

• False

What two things did the South demand at this time? (Choose the two correct answers)

• They wanted to pay all of the debt themselves

• They wanted the North to pay their share of the debt

• They wanted to get rid of all taxes

• They wanted the Capital moved to the South

Hamilton said he would try to move the Capital to the South if...

• The South paid off all of the state debt

• The South agreed with his tax plan

• The South abolished slavery

• The South built more factories

Which of the following is NOT true about the National Bank that Hamilton wanted?

• The Bank would give loans to businesses

• The Bank would have the power to issue new taxes

• The Bank would be a safe place for the govt to store money

• There would be a national mint where the US could issue money

Why were Jefferson and Madison opposed to the idea of a National Bank?

• They just hated banks

• They thought that this would lead to a lot more taxation

• They did not think that the govt had the power to create one

• They were afraid of the bank trying to take their property