the craze
Chapter 10
Launching the New Ship of State, 1789–1800
1. New Government Launched
a. List two examples used by the authors to illustrate the precarious nature of the new country in 1789: (1)
(2)
b. Drafted by James __________, the first ten amendments to the Constitution (the Bill of __________) are designed to ____________ (enhance or restrict) federal power. Why was such an enumeration of rights one of the first orders of business when the first Congress met in 1789?
2. Federal Finances
a. What was the theory used by Treasury Secretary Alexander ____________ in arguing that, regardless of the sacrifice, the roughly $____ million of federal and state debt carried over from the Revolutionary War should be “funded at par,” even though these obligations could have been purchased from speculators at well below their face value?
b. Hamilton placed high value on a good credit rating for the country. Why did he feel that a reasonable national debt would be a “national blessing”?
c. Looking at the chart in this section, define the two main sources of federal government revenue. *** Today the main source of federal government revenue is _________ _____. (1) Tariffs:
(2) Excise Taxes:
d. To further his goal of centralizing power and authority, Hamilton favored creation of a national bank modeled on the Bank of England. His rival, Thomas Jefferson, wanted decentralized authority, so he opposed the idea of a central government bank issuing currency and competing with state and local banks. To bolster his argument, Jefferson took a “literal” or “strict” interpretation of the Constitution. What constitutional amendment did he rely on to support his argument and what does that amendment say?
e. In successfully defending the bank (which came into existence in 17___ with a charter for ____ years), Hamilton interpreted the Constitution “broadly” or “loosely,” invoking what came to be called the
Launching the New Ship of State, 1789–1800
1. New Government Launched
a. List two examples used by the authors to illustrate the precarious nature of the new country in 1789: (1)
(2)
b. Drafted by James __________, the first ten amendments to the Constitution (the Bill of __________) are designed to ____________ (enhance or restrict) federal power. Why was such an enumeration of rights one of the first orders of business when the first Congress met in 1789?
2. Federal Finances
a. What was the theory used by Treasury Secretary Alexander ____________ in arguing that, regardless of the sacrifice, the roughly $____ million of federal and state debt carried over from the Revolutionary War should be “funded at par,” even though these obligations could have been purchased from speculators at well below their face value?
b. Hamilton placed high value on a good credit rating for the country. Why did he feel that a reasonable national debt would be a “national blessing”?
c. Looking at the chart in this section, define the two main sources of federal government revenue. *** Today the main source of federal government revenue is _________ _____. (1) Tariffs:
(2) Excise Taxes:
d. To further his goal of centralizing power and authority, Hamilton favored creation of a national bank modeled on the Bank of England. His rival, Thomas Jefferson, wanted decentralized authority, so he opposed the idea of a central government bank issuing currency and competing with state and local banks. To bolster his argument, Jefferson took a “literal” or “strict” interpretation of the Constitution. What constitutional amendment did he rely on to support his argument and what does that amendment say?
e. In successfully defending the bank (which came into existence in 17___ with a charter for ____ years), Hamilton interpreted the Constitution “broadly” or “loosely,” invoking what came to be called the