Hamiltons Economic Plan

Topics: Finance, U.S. state, Economics Pages: 1 (333 words) Published: October 11, 2012
There were many key aspects in Hamilton’s economic plan for the Academy. Some of these aspects were that the country needed to convince their investors that the money would be paid back in full. Also, Hamilton thought that Congress should charter a national bank. It would help with storing and moving money; it would also help with collecting taxes. And with banks resources, it could finance business enterprises. Immediately the bank was a success and investors flocked to get involved and businesses found it easier to get new capital. After the national bank came into play, not long after that state banks also become prevalent. Finally, after banks were chartered, Hamilton proposed government tariffs, subsidies and awards to encourage manufacturing in America. He no longer wanted the country to only be an agriculture country, but also a manufacturing country. Hamilton’s economic plan had many brilliant ideals. In Hamilton’s plan there was this idea of popular rule. Popular rule is the concept that the rich had to be enthusiastic about the plan. I believe that this was untrue and unnecessary because the southern, less well too due states, were the ones that actually paid back their debt. Next, the national bank was a thing put into place in order to foster the manufacturing side of America and it was also a way to secure money and collect taxes. This part of Hamilton’s plan was a great idea because it helped to stimulate the economy. State rights were the part in which the states had the right to charter their own banks. These banks again furthered Hamilton’s idea of making America a manufacturing country instead of an agricultural one. Finally, the political ideas was the difference between the interpretation of the “necessary and proper” clause. Hamilton stressed the “proper” part and Jefferson stressed the “necessary” part. Both had different views on this power. Personally I agree with Hamilton. I believe that the national government has the right to make...
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