| Term | Definition |
|---|
| national debt | amunt of money owed by US to its lenders |
| bonds | certificates that represent money owed to the people |
| speculators | People who buy items at low prices in the hope that the value will rise. |
| protective tariff | tax that would raise the price of foreign products. |
| loose construction | belief that the government can do anything that the constitution does not prohibit |
| strict construction | belief that the goavernment should not do anything that the constitution does not specifically say it can do |
| Alexander Hamilton | He grew up on the island of Nevis. His biggest chanllenge as secretary of treasury was paying off national debt. He owed $11.7mill. to France and $40.4mill. to US citizens. He sold bonds to raise $. In 1790, people who had old bonds exchanged them for new bonds |
| State Debt | They owed over $25 mill. from war expences. Hamilton wanted government to pay $21.5mill of the debt to increase trust. Southern States did not want the government to pay off the debt so the made a comprimise... if they would move the Capital, they would agree to the plan. |
| Alexander Hamilton | He wanted a strong central government. He had little faith in the common man. He wanted government to rule and make new forms of industrialzation and economic growth |
| Thomas Jefferson | He wanted to protect the powers of states. He said people make mistakses but can make wise descisions, He wanted the people to rule and wanted no new businesess or industrialzation |
| Bank of The United States | Took effect on Feb. 1791 |
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