HIS 135 Lecture Notes - Lecture 2: Whiskey Rebellion, Jay Treaty, French Turn
Document Summary
Funding of national debt: wanted to pay off the war debt to start off on a sound financial foundation. Did this by creditors giving money to the government and were paid back in interest bearing bonds at face value and would be paid back later. But hamilton secretly had people buy back these bonds. Proposed a national bank: came into existence on a 2year charter. Bank benefits the wealthy but hurts the little people. Provides: backing for currency, an investment outlet for the wealthy, credits (loans, restricts credit. Proposed excise tax: tax on internal stuff like whisky. Caused the whisky rebellion, which threated to become a revolution. Vote for hamilton"s plan to pay off the states that were debt free. Agree to move the capital south to washington d. c. why the republicans opposition to the bank of the. To republicans it looked like federalists had become tyrants.
