MAKING OF A NEW NATION 1776 1800
SHAYS REBELLION
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Yes
|
|
|
No
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Alexander Hamilton conceived of the First Bank of the United States as a way to standardize American currency and cope with national Revolutionary War debt.
Detailed explanation-2: -By January of 1835, for the first and only time, all of the government’s interest-bearing debt was paid off. Congress distributed the surplus to the states (many of which were heavily in debt). The Jackson administration ended with the country almost completely out of debt!
Detailed explanation-3: -The first part of Hamilton’s plan involved federal “assumption” of state debts, which were mostly left over from the Revolutionary War. The federal government would assume responsibility for the states’ unpaid debts, which totaled about $25 million.
Detailed explanation-4: -Assumption of the State Debts, [22 April] 1790.