At the beginning of the new republic, Washington tackled the many challenges that he faced; the issue of the economy was extremely important. Washington was aware that the stability of the economy was important because a nation with a weak economy can easily be attacked or taken over by a more dominant country.
Therefore, Washington appointed as Secretary of the Treasury to stabilize the economy.
Source: Alexander Hamilton
by Ezra Ames, 7Mike5000
Hamilton wanted the United States to become a nation with an economy based on industry, commerce, and banking. Hamilton sold securities to wealthy citizens who had a financial interest in the new government. To raise more funds to pay toward the national debt, Hamilton sponsored a tariff on imported goods and a special tax on whiskey.
Hamilton was most successful in securing the charter of the First Bank of the United States from Congress. The charter of the national bank, a bank owned by the government, lasted 20 years from 1791 to 1811. In order to stabilize the economy under the newly enacted Constitution, Hamilton thought a central bank was necessary.
Read about the presidents of the early years of the republic and the challenges they faced in stabilizing the economy during their respective terms. Click the "Next" button to advance each slide.
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