The country owed money to foreign nations, citizens and soldiers for their contributions to the war. Washington chose specific advisers known as the president’s Cabinet to help him settle the nation’s issues similarly to these. Alexander Hamilton was elected the nations Secretary of Treasury on September 11, 1789 (Mount Vernon). Hamilton recognized the countries growing national debt and created a controversial plan to improve the economy. Hamilton’s financial plan included the formation of a national bank that would create a more stable currency. In addition to this, Hamilton suggested that the national government should take over the debt of the states to strengthen the financial power of the United States. He also proposed that the United States raise taxes to increase revenue. This idea was adopted by congress as the Excise Act of 1791
The country owed money to foreign nations, citizens and soldiers for their contributions to the war. Washington chose specific advisers known as the president’s Cabinet to help him settle the nation’s issues similarly to these. Alexander Hamilton was elected the nations Secretary of Treasury on September 11, 1789 (Mount Vernon). Hamilton recognized the countries growing national debt and created a controversial plan to improve the economy. Hamilton’s financial plan included the formation of a national bank that would create a more stable currency. In addition to this, Hamilton suggested that the national government should take over the debt of the states to strengthen the financial power of the United States. He also proposed that the United States raise taxes to increase revenue. This idea was adopted by congress as the Excise Act of 1791