USA HISTORY

Detailed explanation-1: -His motive was as much political as economic. Through payment by the central government of the states’ debts, he hoped to bind the men of wealth and influence, who had acquired most of the domestically held bonds, to the national government.

Detailed explanation-2: -Hamilton’s plan called for the government to repay both federal and state debts. He wanted the government to buy up all the bonds issued by both the national and state government before 1789. He then planned to issue new bonds to pay off the old debts.

Detailed explanation-3: -I wrote financial systems into existence. As Secretary of the Treasury, Hamilton was in large part responsible for setting up our modern banking system, establishing the federal budget process, and establishing the Bank of the United States.

Detailed explanation-4: -He proposed to fund the debt through a gradual schedule of dependable tax resources, assume state debts as a measure of good policy, and generate new revenue through western land sales and taxes on luxuries-notably, booze. His report spurred an uproar.