george washington & national debt chapter 6 – section 1 &2 by mrs. andreatta
TRANSCRIPT
George Washington & National Debt
Chapter 6 – Section 1 &2
By Mrs. Andreatta
George Washington – 1st President G.W. – Very popular with the people Electors from 11 states that passed
Constitution met in 1789 to vote on President.
Electoral College formed – a body of electors who represent the people’s vote to elect the President
G.W. Elected / John Adams Vice President
George Washington Takes Oath of Office!
Statue of George Washington
The New President Set examples for Executive Branch Created 1st Cabinet
Judicial Branch Established – Judiciary Act of 1789 – created three levels of federal courts and defined their powers and relationship to state courts
First CABINET Thomas Jefferson – Secretary of State (had
served as Ambassador to France) Alexander Hamilton – Secretary of Treasury
(gifted economic planner) Henry Knox – Secretary of War (served with
Washington in the Revolution) Samuel Osgood – Post Master General (had
government experience) Edmund Randolph – Attorney General
The New United States 4 Million People in 1790
Mostly farmers – wanted fair tax laws, improved trade & to settle western lands
1st Capital – New York City – 33,000 People
Federal Building – N.Y. City
Alexander Hamilton Has Issues: Needs to pay off National Debt U.S. owed 11.7 Million to Foreign Countries 40.4 Million owed to U.S. Citizens Pay foreign Debt 1st – then Citizens Jefferson opposed Plan
Jefferson’s Views Protect State’s Power
Right of people to rule country
Supported Agriculture and Farmers
Lower Tariffs to keep costs low on products that farmers buy.
National Bank – The Plan! National Bank is needed to Safely Deposit $$
Make loans to government and businesses
States’ right opponents didn’t like plan (Jefferson)
Limited bank to a 20 year charter
N.Y Stock Exchange
Opponents to the Bank Jefferson and Madison opposed idea
Constitution did not grant power to the federal government to create a national bank
Strict interpretation of Constitution – Can only do what the Constitution says
Supporters of the Bank Hamilton – Loose Interpretation of
Constitution
Government can do what Constitution does not forbid
Washington and Congress approved National bank in 1791