For this discussion, you will adopt the perspective of two competing parties–the Federalists and the Democratic-Republicans–on the question of Alexander Hamilton’s Financial Plan. In your initial posting, you will adopt the perspective of either the Federalists or the Democratic-Republicans and explain why……. they either supported or opposed Hamilton’s proposal.
Your initial posting will have two parts.
For Part 1, you must write at least one paragraph describing and explaining the three components of Hamilton’s Financial Plan. What were the three elements Hamilton outlined? What was their purpose? Why did Hamilton think they were essential to the survival of the republic?
For Part 2, you will be assigned either the Federalist or Democratic-Republican perspective on Hamilton’s proposed changes. As we have seen in our readings, not everyone agreed with Hamilton on the necessity of the economic changes proposed in his Financial Plan.
— Why did the Democratic-Republicans oppose Hamilton’s Financial Plan?
Each of these paragraphs should be at least 6-7 sentences in length.
Response to classmate:
Your response should approach the argument from the opposite perspective. This will mean choosing a post from someone who originally wrote from the same perspective as you. In your response to that person, you will argue against their perspective.
Hamilton wanted the national government to assume state debts. By doing this, the states would be tied to the federal government and also be subservient to it. His financial plan consisted of three things. The first was the central government’s assumption of the state’s war debts to increase national unity and the legitimacy of the government. The second was the creation of Bank of the United States to ensure a more stable, common currency for the new nation. The third was to create a protectionist policy that included the central government subsidizing local manufacturers and enacting heavy tariffs on imports in order to stimulate American industry.
As a federalist, it only makes sense that his financial plan would be in our favor. We wanted to ensure the solvency of the United States and national unity. Hamilton supported a national bank which would ensure a stable economic system, which would encourage investment by wealthy Americans and those abroad. This investment could be used to develop the industrial base of the United States. He also supported strong tariffs to support American manufacturing as well. This is why we supported his financial plan.