4.1 Launching A New Nation

1,047 views
779 views

Published on

Notes on 4.1

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,047
On SlideShare
0
From Embeds
0
Number of Embeds
30
Actions
Shares
0
Downloads
9
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

4.1 Launching A New Nation

  1. 1. Launching a New Nation George Washington oversaw the creation of new federal departments and asked Alexander Hamilton to tackle the nation’s debt problem.
  2. 2. The First President <ul><li>Washington unanimously elected 1 st President </li></ul><ul><ul><li>No one ran against him </li></ul></ul><ul><li>Inauguration takes place in New York City </li></ul><ul><ul><li>Ceremony of the oath of office of the Presidency </li></ul></ul><ul><li>Sets 1 st precedent by adding the phrase, “so help me God.” to the oath </li></ul><ul><ul><li>An example to be followed by others in the future </li></ul></ul>
  3. 3. Washington’s 1 st Cabinet <ul><li>Secretary of State: Thomas Jefferson </li></ul><ul><ul><li>Foreign relations </li></ul></ul><ul><li>Secretary of the Treasury: Alexander Hamilton </li></ul><ul><ul><li>Finance </li></ul></ul><ul><li>Secretary of War: Henry Knox </li></ul><ul><ul><li>Defense </li></ul></ul><ul><li>Attorney General: Edmund Randolph </li></ul><ul><ul><li>Legal advisor </li></ul></ul>
  4. 4. Judiciary Act of 1789 <ul><li>1 st Supreme Court consisted of 6 Justices </li></ul><ul><li>Establishes lower court system </li></ul><ul><ul><li>Court of Appeals </li></ul></ul><ul><ul><li>District Court </li></ul></ul><ul><li>1 st Chief Justice of the Supreme Court: John Jay </li></ul>
  5. 5. The Nation’s First Economic Crisis <ul><li>Most of the National debt was in the form of bonds </li></ul><ul><ul><li>A certificate for an amount of money the government promised to pay back with interest </li></ul></ul><ul><li>Many bonds were sold to speculators for much less then they were worth </li></ul><ul><ul><li>Someone who buys something in order to make a profit </li></ul></ul>
  6. 6. Hamilton’s Financial Plan <ul><li>US Government assumes all federal and state debts </li></ul><ul><li>Charter a national bank </li></ul><ul><li>Impose a high tariff on imported goods </li></ul><ul><ul><li>Northern states favored the plan. </li></ul></ul><ul><ul><li>Southern states HATED plan & Hamilton </li></ul></ul>
  7. 7. The Debt, the Bank, and the Tariffs <ul><li>Prove to the world that the new nation could pay off its debts </li></ul><ul><ul><li>Convince others to invest in the new nation </li></ul></ul><ul><li>A safe place to deposit governments funds </li></ul><ul><ul><li>Allow the bank to print a national currency </li></ul></ul><ul><ul><ul><li>Jefferson believed in a “strict” interpretation of the constitution </li></ul></ul></ul><ul><ul><ul><li>Hamilton believed in a “loose” interpretation of the constitution </li></ul></ul></ul><ul><ul><ul><ul><li>Article 1, Section 8: “necessary and proper” clause </li></ul></ul></ul></ul><ul><li>Impose a tax on all imported good </li></ul><ul><ul><li>Raise money for the federal treasury and protect US manufacturers for European competition </li></ul></ul>
  8. 8. The Whiskey Rebellion <ul><li>Congress passes new tax on Whiskey </li></ul><ul><ul><li>Hamilton hopes to generate new federal revenues (income) </li></ul></ul><ul><li>Western Pennsylvania farmers refuse to pay & march through Pittsburgh </li></ul><ul><li>Washington orders 13,000 soldiers to march into Pennsylvania </li></ul><ul><li>Rebellion fizzes out </li></ul><ul><ul><li>Washington later pardons the leaders of the rebellion </li></ul></ul><ul><li>Armed rebellion is not acceptable in this new republic </li></ul>

×