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Alexander Hamilton The secretary of treasury to Pres. Washington;his challenge to pay national debt. national debt Money owed by the United States from Revolutionary War. bonds Certificates of debt that carry a promise to buy back the bonds at a higher price. speculators People who buy items at low prices hoping that the value will rise & sell items for profit. Thomas Jefferson Secretary of state to Pres. Washington; believed in farmers & the rights of citizens. loose construction Federal govt' can take reasonable actions the Constitution doesn't specifically forbid. strict construction Federal govt' should do only what Constitution specifically says to do.