Term
| U.S. Financial System After Revolution |
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Definition
- Revenue was very small yet the debt was mounting due to interest.
- Hard (metal) money was scarce and the paper money was worthless.
- The financial situation was the number 1 problem the new nation faced.
- Still, America was trying to create a democracy on a scale never been done before and make it fly.
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| U.S. Population/Census 1790 |
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Definition
- Population doubled every 20 years
- 99% of population was rural; 5% lived west of the Appalachians
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Term
| George Washington as Choice for President |
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Definition
- war hero
- impeccable and highly respected character
- was reluctant to accept the presidency
- His cabinet included Thomas Jefferson as Secretary of State, Alexander Hamilton as Secretary of the Treasury and Henry Knox as Secretary of War
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- Constitution was ratified with the understanding that a Bill of Rights would be added
- Madison wrote it
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Definition
- Amendment 1 - Freedom of religion, speech, press, right to peaceful assemble and petition.
- Amendment 2 - Right to bear arms.
- Amendment 3 - Protection from quartering soldiers in homes.
- Amendment 4 - Protection from searches or seizures without a warrant.
- Amendment 5 - Right to not testify against one's self and protection from double jeopardy.
- Amendment 6 - Guarantee of a proper trial.
- Amendment 7 - Guarantee of a jury trial.
- Amendment 8 - Protection from excessive bail or fines.
- Amendment 9 - Statement that people have rights that arenot even listed here. (The "People's Rights Amendment).
- Amendment 10 - Statement that any power not granted in the Constitution is left to the states. (The "State's Rights Amendment).
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- set up the Supreme Court and Federal Court system
- First Supreme Court Justice-John Jay.
- Made the government fully complete and functional.
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1. Pay off all debts in full
2. A tariff(tax on imports)
3. A tax on whiskey
4. A National Bank |
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| Paying off debts in full or at 100% face value |
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| Why is Funding at Par "crucial"? |
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Definition
| -Hamilton believed it was important because it would be respected |
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Term
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Definition
-"Assumption"-the government assumes the states' debts.
-MA's debt was large-liked Assumption
VA's debt was small- didn't really like it
Compromise was taht MA got the Assumption clause passed, and Virginia go the capital moved closer to them, in present day Washington D.C |
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| How did Hamilton propose to pay off the debt? |
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Definition
-impose a tariff to raise revenue
-whiskey tax |
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Term
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Definition
-modeled after the Bank of England; private institution with government as major stockholder
-purpose was to store government money, lend to businesses, and print money to stabilize the economy
-not written in Constitution; Jefferson argued it wasn't constitutional |
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Jefferson thought that since it wasn't written in the Constitution, it was prohibited
Hamilton thought that whatever wasn't specifically prohibited in the Constitution was permitted |
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| Strict Interpretation of Constitution |
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Definition
| -something must be specifically written in Constitution for it to be legal |
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| Elastic Clause(Necessary and Proper Clause) |
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Definition
| Congress has the power to do whatever is necessary and proper to carry out its appointed duties. |
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| Bank of the United States |
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Definition
-started 1791
-charter for 20 year
-built in Philadelphia, $10 million worth of capital
-sold out public stock in 2 hours |
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-1794, fronteir Pennsylvania
-Washington sent soldiers to quell revolt
-revolt was crushed
-Washington was criticized by Anti-Federalists for acting too strongly
-made people realize the new government was strong |
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Definition
-Hamiltonians and Jeffersonians-Republicans and Democrats
-people thought they hurt the situation by creating dissent
-apparently helped country by giving voters a choice; |
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| Influence of French Revolution |
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Definition
-inspired the French Revolution
-at first, America was happy about democracy beating monarchy
-Revolution went sour when the guillotine was brought out
-became a topic of discussion for Conservatives and Liberals; Conservatives were appaled, Liberals supported movement
-U.S. had to decide whether to support France or England |
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Washington decided America would be neutral
-illustrates American policy of actin in self interest
-Neutrality Proclamation issued 1793 |
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Definition
| -Indians gave up a lot of the Ohio Valley |
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Term
| Battle of Fallen Timbers 1794 |
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Definition
-Army defeated Indians
-Indians used British guns |
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-Royal Navy ships were harassing American ships as well as the French.
-kidnapped U.S. sailors
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-U.S. had to pay off debts to England from pre-Revolution days
-British would leave American frontier posts
-England said they'd pay for damages during impressment
-War was avoided |
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-felt the southern farmers would pay and the northern merchants would reap the benefits
-his effigy was burned in the streets |
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-gave America the right to travel down and out the Mississippi River
-Florida |
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-warned that U.S. should avoid political parties
-avoid permanent alliances and make decisions solely in the country's best interest |
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-nominated by Federalists 1796
-ran against Thomas Jefferson
-Jefferson was runner up so became VP
-Hamilton hated Adams-tried to undermine him |
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-goal was to avoid war
-delegates officially rejected by France
-Mr. X, Mr. Y, Mr. Z were undercover and made a secret offer
-offer was that if U.S. delegates issued an apology from Adams, gave France a loan, and gave the men a bribe, the Americans would be allowed to speak with the French official Talleyrand.
-delegates refused and came back to States |
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-the Franco-American Alliance was over
-Americans had to pay damages to French shippers |
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-made it difficult for new immigrants to come to America
-raised residency requirement from 5 to 14 years
-president was authorized to deport foreigners who made trouble
-Federalists wanted to delay immigrant voting-knew that immigrants would likely join Republican party, and vote for that party instead of Federalists. |
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-limited speech and writings of critics of government
-stated that anyone who criticized the government would be fined or jailed. |
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| Kentucky and Virginia Resolutions |
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Definition
-said the federal government had overstepped it's authority when it passed the Alien and Sedition Acts
-built on compact theory, which basically said the states had agreed to abide by federal laws they had approved.
-states retained the right to nullify laws they didn't like. |
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-supported by upper classes
-led by Hamilton
-merchants, bankers, wealthy farmers; eastern seaboard
-pro-British(good for trade)
-distrusted common person as uneducated and unable to run a nation
-wanted a strong federal government run by the educated elite. |
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-supported by poor and common classes
-led by Jefferson
-felt that uneducated man can make common sense decisions and run himself and his country by voting
-mostly farmers
-pro-French(France helped defeat England during Revolution) |
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