First, Hamilton wanted the Treasury Department to redeem federal debt on generous financial terms. He also proposed that the federal government assumed debt incurred by the states and that they become equal partners in the federal debt.
When did Hamilton stop being Secretary of Treasury?
January 31, 1795
| Alexander Hamilton | |
|---|---|
| Portrait by John Trumbull, 1806 | |
| 1st United States Secretary of the Treasury | |
| In office September 11, 1789 – January 31, 1795 | |
| President | George Washington |
What was the biggest problem Alexander Hamilton faced as secretary of the Treasury?
national debt
As Treasury Secretary, Hamilton designed a financial system that made the United States the best credit risk in the western world. The paramount problem facing Hamilton was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states.
What problems faced Secretary of Treasury Alexander Hamilton when he first took office?
Facing a chaotic treasury burdened by the heavy debt of the Revolutionary War, Hamilton’s first interest when he took office was the repayment of the war debt in full.
What did Thomas Jefferson and Alexander Hamilton argue about?
Jefferson advocated a decentralized agrarian republic. Hamilton’s great aim was more efficient organization, whereas Jefferson once said “I am not a friend to a very energetic government.” Hamilton feared anarchy and thought in terms of order; Jefferson feared tyranny and thought in terms of freedom.
Who was the Secretary of Treasury who had to deal with the challenge of paying off the national debt?
Terms in this set (5) As secretary of the treasury, Alexander Hamilton’s biggest challenge was paying off the national debt.
Why did Hamilton pay off national debt?
Hamilton proposed that the federal Treasury take over and pay off all the debt that states had incurred to pay for the American Revolution. The Treasury would issue bonds that rich people would buy, thereby giving the rich a tangible stake in the success of the national government.
Why did Thomas Jefferson disagree with Hamilton?
Thomas Jefferson objected strongly to Hamilton’s proposal for a national bank. Among the reasons he and his followers gave for their opposition, the following were the most important: With its special powers and privileges, the U.S. bank would hinder the development of state banks.
