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Hamilton's plan called for lots of federal government to be enacted. This would weeken their trading profits with Britain. Also, Hamilton called for tariffs on imports to protect the 'infant' factories in the north which brought in money for the Government but deeply hurt the southern states because they had to pay a much higher price for machinery.
Southern States were willing to vote for Alexander Hamilton's plan because it represented a desired compromise for them. In exchange for their approval of the method of paying off the debt, Hamilton agreed to move the nation's capital from Philadelphia to a spot along the Potomac River in Virginia.
The purpose of having the Government assume the debts of the States was to show the citizens and the world, that the US Government was going to be economically sound and because the states had fought for every state's independence from Britain, not just their individual state. Southern States opposed the plan because by the time of Washington's inauguration, the Southern States had already paid off their debts.
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Why did southern states vote for Hamilton's plan to assume state debts?
most had huge debts they could never pay.
Who favored the federal government to assume and pay for the war debts owed by the Congress and states?
Thomas Jefferson
Hamilton wanted the Federal government to assume and pay the war debts owed by both the?
Congress and the thirteen states.[: Audralynne :]
Why did many Southern states object to helping the country pay off its war debts?
they nedded to go to the bathroom
What convinced the southerners to agree to help pay the national debt in the late 1790s?
The action that led the Southerners to compromise on the national debt was that they had to pay a lot of money to the northern states to make a deal they wanted to move the capital to the southern part of the United States which is now WashingtonD.C.(The 1st president George Washington's capitol was in New York instead of D.C.)
Why did southern states vote for Hamilton's plan to assume state debts?
most had huge debts they could never pay.
Why did southerners object to hamiltons plan to pay off Americas war debt?
The purpose of having the Government assume the debts of the States was to show the citizens and the world, that the US Government was going to be economically sound and because the states had fought for every state's independence from Britain, not just their individual state. Southern States opposed the plan because by the time of Washington's inauguration, the Southern States had already paid off their debts.
Why was Washington choosen?
Most northern states had large debts due to their heavy expenses from the Revolutionary War. Most southern states had little or no debts. Treasury Secretary Alexander Hamilton wanted the federal government to assume these debts; in doing so he hoped he would improve the nation's reputation with creditors and amass power in the hands of the federal government. The southern states balked at the idea, so Hamilton reached a compromise with them: if they agreed to his debt assumption plan, he would approve of a southern location for the nation's capital. And so it was - Washington was built between the southern, slaveholding states of Maryland and Virginia.
What was Alexander Hamiltons assumption plan?
Hamiltons case for assumption was to convince Congress that the state debts should be regarded as an obligation, for their support in the war for independance. Hamiltons hopes were that assumption would chain the states tightly to their "federal chariot."
Another problem with Hamilton's plan is southern states complained...?
About having to help pay other states debts.
Who favored the federal government to assume and pay for the war debts owed by the Congress and states?
Thomas Jefferson
What was Spain's new nation's major financial problem?
The government's wealth was under a national debt. States with large debts payed off. However, the small states did not want the government to assume state debts.
Why did the southern states object to helping the country pay off its war debts?
they nedded to go to the bathroom
Hamilton wanted the Federal government to assume and pay the war debts owed by both the?
Congress and the thirteen states.[: Audralynne :]
Who did Hamiltion wanted the federal government to assume and pay the debts of the?
He wanted the federal government to assume and pay all state debts.
Why did many Southern states object to helping the country pay off its war debts?
they nedded to go to the bathroom
How did thomas jeffersons view of the national debt differ from Alexander hamiltons?
Jefferson wanted to pay off debts; Hamilton did not.
