How Did Hamilton Establish Good Credit

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In 1790 Alexander Hamilton, Secretary of the Treasury, proposed a financial program that would help build the nations credit. Hamilton was the founder of the Federalist Party with a strong military background. The Federalist Party wanted a strong national government that held close ties to Britain. During Hamilton’s Funding and Assumption programs he picked up some enemies which led to the creation of new political parties. One man in particular that despised him was Thomas Jefferson. Jefferson rejected the program funding because he thought it wasn’t a permanent fix to the nation’s debt problem. After the war, Hamilton wanted the United States to become established on a world scale. He wanted a new national government that would be controlled under the rules of the constitution. He knew that the nation was still relatively poor compared to other nations, so in order to build reputation and gain …show more content…
Jefferson wanted to get away from Britain and was a supporter of individual rights. Due to Hamilton’s strong military background, his whole proposal evolved around war. He implied that the country should establish good credit because our nation wasn’t necessarily a world power at the time. If we were to establish good credit, in times of war, we will be able to borrow money. He thought that if a nation had bad credit the premiums to pay back the loans would be very steep. He was basically implying that if the United States had good credit it would ensure security for the states. In the process of establishing national credit his goal was to figure out how to pay off the national debt. At the time of his proposal the national debt was in the ball park of eighty-one million. Unfortunately, some of the states didn’t want to contribute to paying off the national debt, especially when they had already payed off the majority of their own debt from the war, like

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