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Alexander Hamilton's Economic Reports

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Provide an explanation of Alexander Hamilton's economic programs during the Early Republic.

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Solution Summary

This solution identifies and explains the purpose of Secretary of Treasury Alexander Hamilton's plans.

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<b>Alexander Hamilton's Financial Program</b>
<br>The new government under the Constitution faced the urgent problem of how to organize its finances. Alexander Hamilton, first Secretary of the Treasury, issued reports on public credit and manufacturing. He urged Congress enact the following:
<br><b>I. Payment of Debts</b>
<br>A. According to the constitution, the new government assumed responsibility for all debts contracted by the central government during the Revolutionary War and under the Articles of Confederation. Hamilton recommended:
<br>1. Full payment of the domestic debt: government bonds and certificates held by Americans. Hamilton proposed that this debt be "funded," that is, all old bonds and certificates be exchanged for bonds issued by the new government.
<br>2. Full payment of the foreign debt: loans extended by our Revolutionary War allies - France, Spain, and the Netherlands.
<br>3. Assumption of state debts by the federal government, since these debts were incurred in fighting the Revolutionary War.
<br>B. Hamilton ...

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