Objections to Hamilton's Financial Program
- aristocratic
- "the new government needed the support of the wealthy and powerful... and needed to give those elites a stake in its success." (p. 204)
- speculators
- old debt of soldiers funded into interest-bearing bonds
- unequal state debts
- assumption of all state debts large or small
- bank was unconstitutional
- "Congress should exercise no powers that the Constitution had not clearly assigned to it." (p. 206)
- taxes were a burden on small farmers
- excise tax on whiskey and tariff on imports
- political party
- "interested and overbearing majority"
- a network of influence to control government
- appointments to office and awarding of franchises to supporters
- formed local associations largely aristocratic in nature
- similar to corrupt British government
- "a menacing and tyrannical structure of power"
- caused "the institutionalized factionalism " known as the "first party system" (p. 207)
revised 10/25/05 | on reserve | Class Page