USA HISTORY

Detailed explanation-1: -Hamilton believed that Article I Section 8 of the Constitution, permitting the Congress to make laws that are necessary and proper for the government, empowered lawmakers to create a national bank.

Detailed explanation-2: -Hamilton’s vision for reshaping the American economy included a federal charter for a national financial institution. He proposed a Bank of the United States. Modeled along the lines of the Bank of England, a central bank would help make the new nation’s economy dynamic through a more stable paper currency.

Detailed explanation-3: -Facing a chaotic treasury burdened by the heavy debt of the Revolutionary War, Hamilton’s first interest when he took office was the repayment of the war debt in full.

Detailed explanation-4: -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.