History Comparing Hamilton and Jefferson's contrasting views of the Federal Government
Terms in this set (20)
Hamilton's views of Federal Government power
1. Concentrating power in federal government
2. .fear of mob rule
3. Republic led by a well educated elite
Jefferson's views of Federal Government power
1. Shared power with state and local governments; limited national government.
2. fear of absolute power or ruler (English king still fresh in his mind)
3. Democracy of virtuous farmers and tradespeople.
Hamilton's views on Constitution
he favored a loose interpretation of the Constitution
Jefferson's views on Constitution
he favored a strict interpretation of the Constitution
A written plan of government
Who wrote the Constitution?
Thomas Jefferson, James Madison, Thomas Paine, and John Adams
Hamilton felt economy should be based on
shipping and manufacturing
Jefferson felt economy should be based on
How did Hamilton the , secretary of the treasury, propose to pay off the debt of the new country?
He wanted payment of national and state debts. If the federal government assumed the debt of the states, it would be an incentive for the people who loaned the government money incentive to support the new federal government (favoring creditors) If the government failed, the creditors would not be paid back.
How did Jefferson, propose to pay off the debt of the new country?
He wanted payment of only national debt (favoring debtors) and having states responsible for their own debt
Who supported Hamilton's views of the Federal Government?
merchants, manufactures, landowners, investors, lawyers, clergy
Who supported Jefferson's views of the Federal Government?
Powers are divided between a central government and several local governments
Why did the new nation need to pay off its debts?
To put the nation's economy on firm footing, money needed to be paid, the debt incurred mostly during the Revolutionary War. Some money was owed to foreign governments, private citizens and soldiers who fought in the Revolutionary War were given bonds.
Short-term loans that individual citizens made to the government that financed two-thirds of the war's cost.
a promissory note given to soldiers by the government promising to buy the notes back with interest for their service in the war
How did the South feel about the government paying off the national and state debt?
They were furious!!! They had already paid off most of the state debt they owed and felt they were being going to be taxed to help pay the debts incurred by Northern states. (at this time, the people of the US felt more loyalty to their state and not the new country)
Who was in favor of a national bank?
How would the national bank be funded?
the federal gov and wealthy private investors, this way, the wealthy would be interested in the country's welfare. If the country was successful, investors would become rich. If the country failed, they lost everything they invested. Imagine having the chance to be the first investor in Apple!!!!
How was the idea of a national bank received?
there was a storm of controversary. Many opponents (including James Madison) thought it would form an unhealthy alliance between the government and wealthy investors.
What was James Madison's position about the national bank?
The Constitution made no provision for a national bank. Therefore, Congress had no right to authorize it. This argument began the debate between favoring a "strict" or "loose" interpretation of the Constitution. Remember, this was before the Bill of Rights, the plan of Government was being planned and the Constitution did not include every single detail on how the government was to be run.
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THIS SET IS OFTEN IN FOLDERS WITH...
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