The Provisions Of The Hamilton' S "Report On The Public Credit".

838 words - 3 pages

Alexander Hamilton (1755 - 1804) plunged into revolutionary actionsoon after this arrival in New York from the West Indies in 1773. Heserved in the Continental Army and then in the Continental Congress.He, being an advocate of a strong and centralized government, wrotemany of the Federalist essays that promoted the new constitution.Hamilton participated in the Constitutional Convention. When GeorgeWashington became president, he appointed his intelligent andenergetic ex-aide-de-camp (Hamilton) the position of the Secretary ofthe Treasury of the United States. Hamilton embraced the challenge ofhelping his country out of debt and as soon as he got into office, heset out immediately to correct these economic vexations. He piecedtogether a financial plan from European and English precedents on suchrevenue methods as tariffs and excise taxes. On January 14, 1970, hesubmitted to Congress the details of his financial plan, the "Reporton the Public Credit."In his "Report on the Public Credit," Hamilton stated that publicconfidence in the government was crucial. To do this he urged Congressto "fund" the entire nation debt "at par" and to assume completely thedebts incurred by the states during the recent war. This mean that thegovernment would pay off an initial payment and the rest would be paidoff through time with interest. The national debt at the time was anenormous $54 million. He proposed and supported the exchange of oldwar bonds for new Federal Reserve bonds. He hoped that this wouldestablish a sense that the United States was responsible in paying offits debts. As a result, other nations would allow the United States toborrow more money to establish a good credit. Also, Hamilton made aconvincing case in persuading Congress to assume the debts of thestates by stating that the debts of the states occurred during the warfor independence. States with heavy debts, like Massachusetts, weredelighted with this idea while states with lighter debts, likeVirginia, were less impressed. This way, Hamilton hoped this wouldchain the states closer to the federal government. He also hoped thatthis would shift the attachment of wealthy creditors from the statesto the federal government. He believed that support of the rich to thegovernment was essential in strengthening the central government.In order to lighten the burden of the national debt on the shouldersof the United States, revenue had to be increased. Hamilton suggestedcustom duties, derived from a tariff. Custom duties depended on strongforeign trade, which also strengthened the economy. A low tariff of 8%was imposed on the value of dutiable imports.In 1971, Congress passed Hamilton's proposed excise tax, which taxeda few domestic...

Find Another Essay On The provisions of the Hamilton' s "Report on the Public Credit".

History of the City of Hamilton

3912 words - 16 pages the north and south by King Street and Main Street (Bailey, 1983).Besides offering the land for the court house, later that year George Hamilton also offered land south of the courthouse for a market, intending to strengthen commercial activity, and on the north boundary of his property he designated a piece of land called the 'Gore' as a public walkway for the town's citizens (Bailey, 1983). The open area was originally conceived as a large

Hamilton And The Economy Essay

1435 words - 6 pages powerful, prosperous and self-contained nation and blue printed the exposition with a program well calculated to achieve it” (Schachner 187). In addition to this, Schachner also calls December 5, 1791’s report “the most eloquent argument ever made to prove the necessity for industrializing a nation” (186). Hamilton wrote an exquisite report that well supported his argument for an industrialized nation. He acted even before gaining the approval of

The Convenience of Credit Cards

911 words - 4 pages $2,200 (SallieMae). Students are choosing to put educational expenses on credit cards with interest rates upwards of 16%, (Silver-Greenberg) instead of taking out a student loan with much lower rates and better payment terms (SallieMae). Students need to be aware of the financial machine formed by the partnership between colleges and credit card companies. Michigan State University has an $8.4 million contract with Bank of America in which the

Great Britain´s Reform of The Public Sector

1918 words - 8 pages In mid-nineteenth-century, Britain as the starting point of the reform of public sector. Northcote-Trevelyan Report of 1854 was set up to look more widely into the administration of government, it gave rise to the traditional public administration model. In 1995, after the successful launch of Commonwealth Profiler series, The Auckland Commonwealth Heads of Government Meeting of 1995 mandated its “Towards a New Public Administration’ Programme

The Public´s Perceptions of Victims and criminals

1082 words - 4 pages . (2008). Crime on the rise?. Public perception of crime remains out of sync with reality, criminologist contends, Retrieved from http://www.utexas.edu/features/2008/11/10/crime/ Welch, S. (2013). America's most wanted. StevenWarRan Research , Retrieved from http://stevenwarranresearch.blogspot.com/2013/04/americas-most-wanted.html References Gegan, S. E., & Rodriguez, N. E. (1992). Victims' roles in the criminal

The Lack of Knowledge on Public Health

1441 words - 6 pages Do you know to determine the status of your personal health? Are you one of 80 million Americans who do not understand how to use the resources given for you? As studies have show those who are not health literate are more prone to getting greater emergency hospitalization, bigger medical bills and errors in the medication you are given. Health literacy was used in 1974 by k. simonds, he wrote a paper on the subject for grade K-12. Goals about

The Presidency and Financial Policy of Alexander Hamilton

2494 words - 10 pages be the economic backbone of the nation, He believed that it was only through them that the nation could establish a vibrant economy. Jefferson held the exact opposite view and believed that the poor and middle class should benefit most form any federal economic reforms.Hamilton's first act as the Secretary of the Treasury would also be one of his most controversial. In his First Report of Public Credit, delivered January 9th 1790, Hamilton

The Book Of Ruth by Jane Hamilton Essay

1102 words - 4 pages In The Book Of Ruth, by Jane Hamilton, every character suffers some form of pain. Many of the characters aren't sure how to handle their pain the right way. Each character also has a different reaction to the pain, just like in reality; everyone handles his or her pain differently. Some people don't handle his or her own pain the right way. Others know how to regenerate their pain in good, constructive ways. By reading this book, the previous

Use of Credit in the U.S

560 words - 2 pages at the end of the month. This type of spending creates debt and has a bad effect on your credit report. Consumers must learn to control this type of spending and manage their debt properly in order to keep a good credit report and stay ahead of their payments.      Another example of a purchase that credit may be used for is non-durable. These types of purchases include food and services. Many college students use

The social effects of credit cards

823 words - 3 pages Charge ItWhen American Express and the Diners club first launched their idea for a credit card they had no idea how it would affect the rest of the Twentieth Century. It was originally an agreement between a couple of upscale New York City restaurants to give their customers a sort of tab; however, it didn't revolutionize the way we spend money until many years later when the magnetic strip was put on the back. Credit cards are basically an

Some Causes of the Credit Crunch

1020 words - 4 pages Andrew L, 2008, “Causes of credit crunch”, Financial Express, India Bell a, Brooks C & Moore T, 2009, “The credit crunch: consequences, causes and aftermath”, University of Reading, Henley School Business Clair R & Tucker P, 1993, “six causes of credit crunch”, Federal Reserve Bank of Dallas, Economic Review, 3rd Quarter Priddy S, 2008, “Climbing out of the credit crunch”, Association of Chartered Certified Accountants, Policy Paper, India Turner G, 2008, “The credit crunch: housing bubble and economic crisis”, Pluto press, UK

Similar Essays

The Federalist Papers And The Hamilton Report

1589 words - 7 pages thus far and this fact will potentially hold true for many years to come, and the Federalist Papers played a large role in carrying the Constitution to where it is today. Another victory for the Federalist Party was the Hamilton Reports. The Hamilton Reports were comprised of three different parts: the report on public credit, the report on the National Bank, and the report on manufactures. One of Alexander Hamilton’s main goals was to achieve

Key Provisions Of The Affordable Care Act

1902 words - 8 pages this could acquire a behavior known as “adverse selection.” Adverse selection simply means that a selection of high-risk consumers on an insurance plan will need greater degrees of coverage than average. With the new provisions of Obamacare, insurance companies are now restricted from denying coverage. They are now required by law to follow certain guidelines when providing coverage to individuals with pre-existing conditions. Volume to value

How Suitable Are The Current Provisions Of Structural Adjustment Programmes?

3117 words - 12 pages How suitable are the current provisions of Structural Adjustment Programmes? There are many schools of thought on the policies of the IMF. Some leagues believe that it has the world's most difficult job, and perform it in the most non-political, impartial way possible; others consider it to be the new evil of world domination. Structural adjustment and the policies that coincide with it have been developed by the worlds greatest economic minds

A Brief Comparison Between The Provisions Britian And France Provide For Under 5's

1524 words - 6 pages increasingly take children in for part-time care, and has also become very popular often holding more children than the places they have. 'The European Commission Network on child Care (ECNC) estimated that each halte-gardeire place is used on average by five children' (Lindon, 2000, p.89) Jardin d'enfants is a type of full time care given for children aged between two and six years. The provisions vary between areas for it relies on the local need