Alexander Hamilton developed a financial plan to get the country on more solid financial footing. He proposed that the federal government would redeem all bonds issued during the Revolutionary War and by the state governments at face value. There was some controversy with this idea because many people sold the old bonds at less than face value. Wealthy speculators, who had bought these bonds, would benefit from this plan. New bonds would be issued to help the government raise money so the government could pay its existing debts.
Alexander Hamilton also proposed that a national banking system should be created. The headquarters would be in Philadelphia, with branches located in other cities. The creation of a national banking system would provide stability for our currency.
Alexander Hamilton also wanted to protect American industries. He proposed a series of taxes on foreign-made products. This would encourage people to buy American products, which would benefit our economy. He also wanted the government to help American businesses by providing them with subsidies.
Alexander Hamilton’s plans allowed the federal government to raise money and develop our economy.