Unit 1-President George Washington-Lesson 4-Hamilton's Financial Program Flashcards
One of the goals of Hamilton’s Finical Program was to help the United States to get out of the revolutionary war debt
True
After the war, the U.S. owed a lot of money to other countries and to its own citizens, and Hamilton had a plan to manage and pay off this debt.
One of the goals of Hamilton’s Finical Program was to help the develop the United States industry and not just rely on agriculture.
True
Alexander Hamilton’s Financial Plan had Three Parts. Name them
- Pay off War Debt
- Create a National Bank
- Raise money through Taxes and Tariffs
Why did Hamilton want to sell bonds to Wealthy American Citizens?
By getting citizens to buy these bonds, the government could raise the money it needed right away. In order to pay off the war debt.
Alexander Hamilton’s Financical plan was opposed because the constitution does not state that the the government could create a national bank? True or False
True
Southern and rural states (led by people like Thomas Jefferson and James Madison) thought Hamilton’s plan for a national bank gave too much power to the federal government and favored wealthy bankers in the North.
Why didn’t the South feel like Alexander Hamilton’s Financial Plan was fair?
Because the South, that had already paid off most of their war debts.
- These states didn’t think it was fair to be taxed to help pay off the debts of other states, especially Northern states that still owed a lot of money.
Which of the following was a major reason some people opposed Hamilton’s proposal for a national bank?
A) They believed it would increase the power of state governments.
B) They thought it favored wealthy bankers and was unconstitutional.
C) They wanted more banks established in rural areas.
D) They believed it would lower taxes on imports.
B) They thought it favored wealthy bankers and was unconstitutional.
What was one significant consequence of Hamilton’s assumption of state debts?
A) It decreased the federal government’s power.
B) It upset Southern states that had already paid off their debts.
C) It led to the creation of new state governments.
D) It increased the popularity of agricultural products.
B) It upset Southern states that had already paid off their debts.
What event was a protest against the tax on whiskey, which was part of Hamilton’s financial plan?
A) The Boston Tea Party
B) The Whiskey Rebellion
C) Shays’ Rebellion
D) The Continental Congress
B) The Whiskey Rebellion.
What was the primary purpose of selling bonds to American citizens in Hamilton’s financial program?
A) To create a new currency for the country
B) To raise money to pay off the national debt
C) To fund military operations
D) To reduce taxes for farmers
B) To raise money to pay off the national debt.
When citizens purchased bonds, what were they essentially doing?
A) Investing in foreign governments
B) Lending money to the federal government
C) Buying shares in private companies
D) Contributing to state governments
B) Lending money to the federal government.
How did Hamilton believe selling bonds would benefit the relationship between citizens and the government?
A) It would make citizens less interested in government affairs.
B) It would involve citizens more in the success of the nation.
C) It would increase competition among states.
D) It would decrease the need for taxes.
B) It would involve citizens more in the success of the nation.
