Upload
bernice-lewis
View
214
Download
0
Tags:
Embed Size (px)
Citation preview
George Washington & National Debt
Chapter 6 – Section 1 &2
By Mr. Linder
George Washington – 1st President G.W. – Very popular with the people Electors from 11 states that passed
Constitution met in 1789 to vote on President.
Electoral College formed – a body of electors who represent the people’s vote to elect the President
G.W. Elected / John Adams Vice President
George Washington Takes Oath of Office!
Federal Building – N.Y. City
The New President Set examples for Executive Branch Created 1st Cabinet Alexander Hamilton – Department of
Treasury Thomas Jefferson – Secretary of State Judicial Branch Established
The New United States 4 Million People in 1790
Mostly farmers – wanted fair tax laws & to settle western lands
1st Capital – New York City – 33,000 People
Alexander Hamilton Has Issues: Needs to pay off National Debt U.S. owed 11.7 Million to Foreign Countries 40.4 Million owed to U.S. Citizens Pay foreign Debt 1st – then Citizens Jefferson opposed Plan
Jefferson’s Views Protect State’s Power
Right of people to rule country
Supported Agriculture and Farmers
Lower Tariffs to keep costs low on products that farmers buy.
National Bank – The Plan! National Bank is needed to Safely Deposit $$
Make loans to government and businesses
States’ right opponents didn’t like plan (Jefferson)
Limited bank to a 20 year charter
Opponents to the Bank Jefferson and Madison opposed idea
Constitution did not grant power to the federal government to create a national bank
Strict interpretation of Constitution – Can only do what the Constitution says
Supporters of the Bank Hamilton – Loose Interpretation of
Constitution
Government can do what Constitution does not forbid (Necessary & Proper Clause)
Washington and Congress approved National bank in 1791