USA HISTORY

Detailed explanation-1: -Hamilton wanted a higher tariff on imported goods. A Protective Tariff to cause Americans to buy American made goods. Hamilton believed that manufacturing and business would be the best economic engine for America.

Detailed explanation-2: -At the inauguration of the constitutional government in 1789 Alexander Hamilton (1757-1804), George Washington’s former military aide and a renowned financier, was appointed the first Secretary of the Treasury and thus he became the architect of the structure of the Department.

Detailed explanation-3: -In selecting the four members of his first cabinet-Thomas Jefferson as secretary of state, Alexander Hamilton as secretary of treasury, Henry Knox as secretary of war, and Edmund Randolph as attorney general-Washington balanced the two parties evenly.

Detailed explanation-4: -Nevertheless, President Washington and Congress both accepted Hamilton’s argument. By the end of 1794, 98 percent of the country’s domestic debt had been converted into new federal bonds. Hamilton’s plan for a Bank of the United States, similarly, won congressional approval despite strong opposition.