Political divisions first surfaced over the financial plan developed by secretary of the treasury alexander hamilton. identify the five parts of hamilton’s financial plan.
Question: Political divisions first surfaced over the financial plan developed by secretary of the treasury alexander hamilton. identify the five parts of hamilton’s financial plan.
Assumption of state debts: Hamilton proposed that the federal government take over and pay off the debts that the states had incurred during the American Revolution.
Funding of the national debt: Hamilton suggested that the government should issue new bonds to pay off the old debts, thus creating a permanent national debt.
Establishment of a national bank: Hamilton argued that a national bank would provide a stable currency, facilitate trade, and manage the government’s finances.
Imposition of taxes: Hamilton supported a tax on whiskey production to raise revenue for the government and to assert its authority over the states.
Protection of domestic industries: Hamilton advocated for a tariff on imported goods and subsidies for domestic manufacturers to encourage economic development and diversification.
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