Hamilton and Jefferson came from different backgrounds, which shaped their thoughts and ideas for opposing views on the economy. Jefferson wanted to reduce debt by making the government smaller, and Hamilton wanted to pay off the debts of the states as well as the government’s debt to create a stable economic system for the United States. Hamilton proposed the federal government take over the debt the state governments had accumulated during the Revolution. Jefferson was worried that this would threaten the Republic. “They allowed southern votes to shift to support Hamilton’s plan for assumption of the state debts.” (Brownlee). The debt from the war was paid off differently in varying states. Some states had been slow in paying their debt and would benefit from Hamilton’s plan. Other states had been working hard toward paying their debt, and Hamilton’s plan would be costly for them. Hamilton wanted the government to repay both federal and state debts. He planned to issue new bonds to pay off old debts in hopes of improving the
Hamilton and Jefferson came from different backgrounds, which shaped their thoughts and ideas for opposing views on the economy. Jefferson wanted to reduce debt by making the government smaller, and Hamilton wanted to pay off the debts of the states as well as the government’s debt to create a stable economic system for the United States. Hamilton proposed the federal government take over the debt the state governments had accumulated during the Revolution. Jefferson was worried that this would threaten the Republic. “They allowed southern votes to shift to support Hamilton’s plan for assumption of the state debts.” (Brownlee). The debt from the war was paid off differently in varying states. Some states had been slow in paying their debt and would benefit from Hamilton’s plan. Other states had been working hard toward paying their debt, and Hamilton’s plan would be costly for them. Hamilton wanted the government to repay both federal and state debts. He planned to issue new bonds to pay off old debts in hopes of improving the