HST 101 Lecture Notes - Lecture 11: French Revolution, American Diplomacy, National Republican Party
Document Summary
Hamilton"s agenda: a strong federal government capable of controlling the economic direction of the nation. Demonstrate the power of the federal government. Tie the interests of the rich to the national government instead of to state governments. Promote the country"s commercial expansion overseas and its economic development at home. Anchor the nation"s foreign relations in a commercial and diplomatic alliance with. Consolidated debt in the hands of the federal government. Those who were owed money (mostly wealthy speculators) therefore had a stake in the progress and development of the national government. Federal reserve of money: a national bank for the entire country. National bank would handle the government"s financial affairs (lend money to the government) Pool private investment capital for economic development. Establish a national currency (no state $) 1/5 money from the federal government, 1/5 from private investors. Private investors comprised 4/5 of the directors of the bank. Madison challenged the constitutionality of creating a bank (madison did.
