Development of Political Parties<\/p>\n
Name:<\/p>\n
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Course:<\/p>\n
Instructor:<\/p>\n
Date:<\/p>\n
Development of Political Parties<\/p>\n
ISSUE HAMILTON\u2019S VIEW – FEDERALISTS <\/p>\n
JEFERSON\u2019S VIEW \u2013 REPUBLICANS<\/p>\n
FUNDING FOREIGN NATIONAL AND STATE DEBTS<\/p>\n
Pay off all debts to establish credit of the new nation<\/p>\n
Payments of debt would bind bondholders to the new government<\/p>\n
Properly funded bonds would have a stable value and increase the supply of money in circulation Agreed that credit with foreign nations depended upon payment of foreign debts in full.<\/p>\n
Protested repayment in full to national bondholders since many bonds had been resold at a fraction of their original worth.<\/p>\n
Opposed national government\u2019s assumption of state debts since most Southern states had paid their debts<\/p>\n
BANK OF THE UNITED STATES<\/p>\n
Favored a national bank modelled on the Bank of England.<\/p>\n
Create a standard for national currency.<\/p>\n
Give rich investors a chance to make money and establish a tie with the new government.<\/p>\n
It would supply necessary capital for business ventures.<\/p>\n
Opposed the Bank because it resembled the aristocratic Bank of England and favored the financial interests of the Northeast .<\/p>\n
The Constitution did not give Congress explicit power to create a bank.<\/p>\n
WHISKEY EXCISE Such a tax would make the West ant-administration in future elections<\/p>\n
Expected a revolt form the Western farmers who had largely ignored the Articles of Confederation<\/p>\n
National government had to display its power to coerce people into compliance<\/p>\n
Opposed a tax which penalized the small farmer and purposely provoked an opportunity to demonstrate the power of the new government at the expense of potential Jefferson supporters<\/p>\n
Such a tax would make the West ant-administration in future elections<\/p>\n
PROTECTIVE TARIFF Favored a tax that would promote manufacturing and self-sufficiency<\/p>\n
Recognized need to protect infant industries during the early industrial revolution<\/p>\n
Opposed a tax to promote industrialization<\/p>\n
Accepted the enact of a low tariff for revenue purposes, but opposed a high protective tariff<\/p>\n
Reflected this view and those of Many others that farmers were the \u201cchosen people\u201d<\/p>\n
RESPONSE TO THE FRENCH REVOLUTION 90% of imports were from Britain and 75% of U.S. exports went to Britain<\/p>\n
Favored Britain and admired British culture and values<\/p>\n
Bulk of money that went to pay off the national debt came from tariffs on imports from Britain<\/p>\n
Economic ties were stronger with Britain than France<\/p>\n
Favored the French<\/p>\n
Insisted that the French Revolution embodied the same principles for which the American Revolution had been fought<\/p>\n
Believe \u201cthe liberty of the whole earth\u201d depended on the survival of the French Revolutionary Republic<\/p>\n","protected":false},"excerpt":{"rendered":"
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