Question

What was Hamilton’s plan to pay off the national debt

Answer 1

Answer:

• 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.

Answer 2

When the paramount problem facing Hamilton was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.