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Word Count: 515
We have had many great presidents during the early years of the nation George Washington Thomas Jefferson and James Monroe were among them During the early years of Washingtons presidency the country was in national debt After the war the country owed masses of money The country owed 81497000 but it was on receiving a total income of 4419000 Now the government borrowed money through bonds A bond is a certificate that promises to repay the money loaned plus interest on a certain date Alexander Hamilton came up with a plan to repay both federal and state debts He wanted the government to buy up all the bonds issued by the government and then he planned to issue new bonds to pay off all the debts As the economy improved the government would be able to pay off the new bonds James Madison opposed Hamiltons plan He thought that the plan would let speculators make a profit but Hamilton argued that the government needed to pay off its debts otherwise America wouldnt have investors that it greatly needed In the end Hamilton agreed on a compromise While in office Washington had many great accomplishments One of his greatest accomplishments came in 1791 when he signed the national bank charter It was called the Bank of the United States The government would deposit money from taxes in the Bank and the bank issued paper money to pay the governments bills and to make loans to farmers and businesses A protective tariff was called for by Hamilton A protective tariff is a tariff or tax meant to protect local industry from foreign completion In North people supported the tariff but in the South they did not In the end Congress did pass a tariff but it was much lower than what Hamilton wanted The South had more agriculture and the North had more factories Jefferson believed in laissez faire idea that the government should play as small
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