Alexander Hamilton's Economic Crisis

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Pages: 1

After the war against the British ended, America was facing an economic crisis. They were suffering from huge debts and had no way of paying off the debts. During that time, Alexander Hamilton was elected by George Washington as the Secretary of the Treasury. Hamilton was given the task to improve the United States economy. Hamilton came up with the Financial Plan which included three programs to turn the United States economy into a capitalist economy. The first step was to strengthen the public credit by selling security bonds. Investors who purchased these bonds would receive in return huge profits once the United States paid off all its debts. The second step was to create a Bank of the United States, which will function similarly to England’s