In the early 1790’s Washington was elected for president and Alexander Hamilton came along with him. Hamilton quickly established himself as a huge influence in every domestic affair and used his role as Secretary of Treasury to institute controversial plans. While Hamilton’s reports did repay the United States’ debts, they forced tensions between the north and south in terms of state money assumption. He also came up with the idea of a national bank, which he believed would help pay off all the debts America owed to other countries. He assumed that if they did not repay their dues to the other countries, then in time of need they will not come support and help them.
So Congress stated an excise tax on domestic items, one of which was whiskey. This tax greatly affected the farmers because this was their most profitable item. Frontiersmen argued that the whiskey tax was a part of Hamilton’s plot to hurt the poor. So vigilantes in Pennsylvania organized to terrorize officers and taxpayers. This rebellion was quickly put down by the government.
So Virginia made a deal with the government which was the government would take on state debts if the District of Columbia was placed on the Potomac River. The deal was passed by Congress in 1790. With the United States having a major debt of $75 million Hamilton was very worried about the welfare of the country. To pay off some of the debt, Hamilton first proposed custom duties. In this intention, he expected tariff revenues to pay interest on the huge debt and run the
During the French and Indian war the colonist pleaded for aid from their mother country, England, But now the war is over and there still remains debt to pay. In order to pay the war debt the King George III wanted compensation from the colonists through taxation, leading to the colonists questioning the authority of the British rule. New British policies led to increased antipathy of British rule. In the years between 1763-1776 the British started to impose new taxes and establish out of favor laws restricting colonial life, these eventually led to colonies creating new ideals and declaring separation from England. The French and Indian War’s ending left Britain in a huge amount of war debt.
As tensions grew, the government finally issued the Gin Act of 1751 that prohibited gin distillers from selling to unlicensed merchants, restricted retail licenses to substantial property holders, and charged high fees to those merchants eligible for retail licenses. Before the formation of the Gin Act of 1751, people debated over items such as public health and behavior, impact on the image it created of society, and economic problems that gin distillers and other associates faced. As gin became a huge industry in trade, people began to question the reality of the situation and the effects that gin had on their health and behavior. In accordance to Lord Bathurst, gin was neither a crime nor a sin, and may even be necessary on many given occasions. He contended that with the poor atmosphere and climate in England, that such drink was necessary for relief or support of nature (D8).
Financial Plan – Following Washington’s election to the presidency, he appointed Alexander Hamilton to be the Secretary of the Treasury. Hamilton was now responsible for bringing the United States out of the debt they were in due to the Revolutionary War. He established a National Bank for the United States as the bill to do so pass through Congress and was signed by George Washington. Hamilton also put in place a revenue tax and taxes on whisky which would be controversial to the American people and cause conflict. Hamilton also wanted the country as a whole to assume state debts to make it a nationwide effort to improve the
Therefore, they began taxing the Colonists because the war was fought to protect them and it was fought on their land. Tension started building between the two of them when the British government started passing many acts and placing taxes on the Colonists without anyone representing them. From 1763 to 1774, life in the colonies was very difficult. The first instance
Because of the large debt left by the French and Indian War and the subsequent Seven Years War, Britain pushed a series of unwelcomed taxes and acts upon the American colonists that stripped them of their civil liberties. Such acts included the Sugar Act and Townshend Act, which taxed common household goods such as sugar, glass, paper, silk, and lead. In response to the British East India Company’s looming bankruptcy, British parliament passed the Tea Act, which allowed the company to bypass colonial merchants. The Quartering Act forced colonists to house British soldiers, and was seen as a reassertion of British authority over the colonies. The Stamp Act, which placed a tax on all printed items, angered colonists the most because it was passed with a blatant intention of raising revenue.
The Colonial Rebellion The American revolution was the huge political upturn of the British, by the American Colonists. After the French and Indian war, the British were left with a massive debt, even though they had won. So they taxed the Colonists, believing they should pay for their own defense. The Colonists had thought this to be unfair, and they snapped, thus marking the beginning of the American Revolution. The British Parliament passed several new laws, taxing the colonists, such as the Sugar Act (1764), which taxed foreign imports, the Currency Act (1764) which prohibited the printing of paper money, the Stamp Act (1765), which required a tax stamp on printed materials, the Quartering Act (1765), which required Colonists to let
One of his very serious was his funding of the American Revolution. In the spring if 1776, America entered the American Revolution in hopes to gain freedom from Great Britain, and King Louis XVI saw this as an opportunity for them to humiliate France’s long-standing enemy Great Britain by helping the Americans. Though France was already in a financial crisis, King Louis XVI sent out many troops and large sums of money across the ocean to America. Americans won their independence and everything was going well until 1783, when Britain sank the main French fleet. The end result was that Louis ended up spending 1,066 livres on the American Revolution, which he funded by taking out large loans at high interest rates.