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9.1 powerpoint

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Published in: Economy & Finance, Business

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Transcript

  • 1. Chapter 9 - Section 1
  • 2. 1. Who was the first “President of the United States”?
  • 3. George Washington
    • 1789 - 1797
    • Served 2 terms as President
    • Chose not to run for a 3rd term
  • 4. 2. What departments made up the first “Executive Branch”?
  • 5. Department of State
    • Responsible for foreign affairs.
    • First “secretary” was Thomas Jefferson
  • 6. Department of the Treasury
    • Responsible for the nation’s treasury and economics.
    • First “secretary” was Alexander Hamilton
  • 7. Washington’s First “Cabinet”
  • 8. 3. How did the Judiciary Act of 1789 set up the nation’s first “Judicial Branch”?
  • 9. Judiciary Act of 1789
    • The Supreme Court would consist of one Chief Justice and five Associate Justices
    • Set up a system of lower courts
    • Lower court decisions could be appealed to the Supreme Court
  • 10. 4. How did Alexander Hamilton propose reducing the nation’s debt?
  • 11. National Debt
    • $4,269,000 - Amount of money needed to run the government from 1789-1791.
    • $77,228,000 - Amount of money the U.S. owed for war debts from the Revolutionary War.
    • Total Debt = $81,497,000
    • $4,419,000 - Income of the government from 1789-1791.
  • 12. Hamilton’s Plan
    • U.S. would pay off all state and federal debts by buying back all bonds.
    • U.S. would issue new bonds.
    • Bankers and investors liked this plan :)
  • 13. 5. Why did many people not like Hamilton’s plan?
  • 14.
    • The plan would reward “speculators”.
    • Many had sold these bonds to others for 10-15% of their original worth because they needed money.
    • Most of the southern states had already paid off their debt.
    • As a compromise to the Southern states, Congress agreed to build a new capital along the Potomac River near VA and MD - Washington, D.C.
  • 15. 6. What other economic challenges did Hamilton face as the Secretary of the Treasury?
  • 16. First Bank of the United States
    • Tax money deposited here.
    • Paper money issued to pay bills and make loans.
    • Encouraged economic growth.
  • 17. Congress passes Tariffs
    • Taxes on foreign goods brought into the country.
    • Would make foreign goods more expensive.
    • Would help local manufacturers.
  • 18. North vs. South
    • Northern states had more factories so they relied on fewer foreign goods.
    • Southern farmers bought many foreign goods.
    • Which groups do you think would support a high tariff (tax)? Why?
  • 19. 7. What situation led to a rebellion of corn farmers?
  • 20.
    • Hamilton issued a tax on all liquor made and sold in the U.S.
    • Corn was hard to transport so that it could be sold.
    • Farmers converted the corn to whiskey which was much easier to transport in barrels.
  • 21. Farmers Refused to Pay
  • 22.