Differences Between Jefferson And Hamilton

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Confrontations on Economics During Jefferson’s and Hamilton’s service in George Washington’s cabinet, they had several disputes surrounding the economic structure of the new nation. Hamilton’s first job as secretary of Treasury was to create a report on public credit. In this report Hamilton proposed “the entire national debt be funded at face value…and the national government assume the debts that the states had incurred in the Revolutionary War” . Hamilton’s ideas were met with controversy, especially the idea about the assumption of state debts. This idea was opposed by states who had already paid of most of their war debts and did not want to bear the burden of other states unpaid debts. Jefferson played a surprising role in the resolution during a compromise…show more content…
“Hamilton secured the reluctant Madison’s promise to restrain his opposition. In return, Hamilton pledged to back efforts to locate the nation’s new capital city in the south, along the Potomac River…In early July 1790, Congress voted for the Potomac site, and in late July Congress passed the debt package, assumption and all” . Jefferson saw the new capital as a benefit for the South, however he would later come to regret his decision helping Hamilton. One of the most important debates between Jefferson and Hamilton was their debate over the National Bank. Hamilton, who proposed the National Bank, though that the bank was necessary to build the economy. The bank would operate off of investments and would focus on trade. Jefferson opposed the bank heavily. He did not like the idea of the government controlling the money of the people and was concerned that this bank would put too

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