Chapter 5 Section 1 Flashcards
What is inauguration?
“…a ceremony in which the President officially takes the oath of office.”
- Transfer of power from one person to another
What is national debt?
“The total amount of money that a government owes to others.”
What is a bond?
“A bond is a certificate that promises to repay the money loaned, plus interest, on a certain date.”
- safe investment (don’t lose money)
- takes time, but it makes money
- can’t take out money until a certain date
- protects money
What is a speculator?
“A speculator is someone who invests in a risky venture in the hope of making a large profit.”
- unsafe/risky
- if it turns out well, you make more money
- if it turns out bad, you lose money
What is a protective tariff?
“A tariff meant to protect local industry from foreign competition is called a protective tariff.”
- tax on imported goods to protect American products
Where was George Washington sworn in as President?
New York City (first capital of the US, now the business capital of the US)
Why was Washington sworn in in the place that he was?
It was the first capital
What were the first 5 cabinet positions?
- Secretary of State (deals with other countries)
- Secretary of Treasury (deals with money)
- Secretary of War (deals with war)
- Attorney General (deals with police + justice department)
- Postmaster General (deals with post office)
Who was the first Secretary of State?
Thomas Jefferson
Who was the first Secretary of the Treasury?
Alexander Hamilton
Who did Washington pick to be the first Chief Justice of the Supreme Court?
John Jay
Why was America in such a financial crisis early on?
Both the federal government and states owed money to private citizens, war veterans, and other countries since America borrowed so much during the Revolutionary War.
What was the compromise that Hamilton made in 1790?
Since the southern states already paid off their debts (they had tobacco), they agreed to help the northern states pay off their debts in exchange for the new capital to be in the south
What was the first Bank of the United States?
The first Bank was the supreme court of banks
- The bank collected taxes and gave loans
- Hamilton wanted the national bank because it gave all the power to the federal government
- Located in Philadelphia
What is the Whiskey Rebellion?
The whiskey rebellion was a rebellion against the tax put on whiskey/alcohol producers. The whiskey tax targeted poor farmers is pennsylvania, which was where the rebellion started
Why was the Whiskey Rebellion significant?
It showed the public that the new government could respond to issues quickly and effectively (shows a strong government) since the government stopped the rebellion quickly. Shows other states that the federal government is in charge.
Who was the first Secretary of War?
Henry Knox
Who was the first Attorney General?
Edmund Randalph
Who was the first Postmaster General?
Samuel Osgood
Where is the new capital of the US (the current capital)
Washington D.C. (District of Columbia)
Located on Potomac River
