Question

Summarize Thomas Jefferson's response to the each of the following parts of Alexander Hamilton's financial plan

Answer 1

Thomas Jefferson's responses to each part of Alexander Hamilton's Financial Plan are the following:

-To the assumption of debt, at first, Jefferson had originally approved, but then was turned by Madison by arguing that the federal control of debt would consolidate too much power in the national government.

-Jefferson totally opposed tariffs, since they were used to help northern cities' industries, by protecting them from foreign competition. The problem with this, is that foreign goods would become more expensive for farmers for  no additional benefit whatsoever.

-To the idea of a National Bank, He argued that states should be the ones to charter banks and issue money. To add more, Jefferson also believed that the Constitution did not give enough power to national government to establish a bank.

- Jefferson's thought on excise taxes was that this tax was just another instance of unfair policies dictated by the eastern elite that negatively affected American citizens on the frontier