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Anna [14]
3 years ago
6

How could speculators profit from Hamilton plan to settle the national debt

History
1 answer:
rosijanka [135]3 years ago
3 0
The most pressing problems facing the new government were economic. As a result of the revolution, the federal government had acquired a huge debt: $54 million including interest. The states owed another $25 million. Paper money issued under the Continental Congresses and Articles of Confederation was worthless. Foreign credit was unavailable.

The person assigned to the task of resolving these problems was 32-year-old Alexander Hamilton. Born out-of-wedlock in the West Indies in 1757, he was sent to New York at the age of 15 for schooling. One of New York's most influential attorneys, he played a leading role in the Constitutional Convention and wrote 51 of the 85 Federalist Papers, urging support for the new Constitution. As Treasury Secretary, Hamilton designed a financial system that made the United States the best credit risk in the western world.

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Task system was the system of labour under slavery found in the Americas. It was considered to be less brutal than slave labour. Slaves working under this system often got the time for recreation and producing goods to earn for themselves. In this system the slaves were assigned specific tasks and they were free for the after finishing the task. It was mostly used in rice, coffee and sugarcane plantations as supervision is not needed while working on their plantations.

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