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- It was understood that the national government would eliminate trade barriers between the states, spurring commerce and benefiting the coastal economy where goods were more easily transported. Additionally, the national government would repay its longstanding debt, helping to restore health to the nation's ailing commercial economy.
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Anti-Federalists who had opposed the ratification of the Constitution remained an influential and perhaps even a dominant force in Virginia. Moreover, Virginians doubted whether they would be net beneficiaries of Hamilton’s policies, because they claimed their state had already paid many of its own debt holders.
May 31, 2015 · James Madison. (National Archives Identifier 532836) Hamilton believed this was necessary to establish the United States’ credit and promote investment. Furthermore, the debt rested in the hands of a small number of wealthy citizens. Hamilton knew these men would take a keen interest in the success of a country that owed them money.
In a series of reports (1790-91), he presented a program not only to stabilize national finances but also to shape the future of the country as a powerful, industrial nation. He proposed establishment of a national bank, funding of the national debt, assumption of state war debts, and the encouragement of manufacturing.
The war nearly doubled the British national debt, from £75 million in 1756 to £133 million in 1763. Interest payments alone consumed over half the national budget, and the continuing military presence in North America was a constant drain. The Empire needed more revenue to replenish its dwindling coffers.
- P. Scott Corbett, Volker Janssen, John M. Lund, Todd Pfannestiel, Sylvie Waskiewicz, Paul Vickery
- 2014
May 11, 2018 · Anti-Federalists considered extensive national power problematic for a number of reasons. They complained that the national government could tax them without constraint, that it could build an expensive and dangerous army, and that it could even take away the rights that Americans expected government to protect.
Mar 4, 2020 · Mar 4th, 2020. The Anti- Federalists had a strong distrust of government power. A national government with too much power was, as far as they were concerned, a pathway to government oppression.
Feb 23, 2023 · The Whiskey Rebellion was a 1791 protest against a tax on alcohol that had been passed to generate revenue and pay down the national debt. Farmers in western Pennsylvania objected to the tax and in response the federal government sent the army to enforce the tax.
