The government assume the entire debt of the federal government and the states.
Retire the old depreciated obligations by borrowing new money at a lower interest rate.
Congress had the power to create a bank because the Constitution granted the federal government authority to do anything "necessary and proper" to carry out its constitutional functions (in this case its fiscal duties)
Aid the nation's infant industries
Reference: Digital History (2019). Alexander Hamilton's Financial Program. [online] Digital History.
When the paramount problem facing Hamilton<span> was a huge </span>national debt<span>. He proposed that the </span>government<span> assume the entire </span>debt<span> of the </span>federal government<span> and the states. His </span>plan<span> was to retire the old depreciated obligations by borrowing new money at a lower interest rate. </span>
In turn, the Enlightenment ideals of liberty, equality, and justice helped to create the conditions for the American Revolution and the subsequent Constitution. ... The American Revolution and the domestic instability that followed prompted a call for a new type of government with a constitution to guarantee liberty.
It was very dry and flat. In 1862, the Homestead Act was passed. The government helped people to settle on the Great Plains. The government sold adults 160 acres of land for a small amount of money.
