The colonies economy was primarily composed of agriculture, slave labor and commerce. During the American Revolution, America allied with France for military and financial support, and the borrowed money of their people. After independence was achieved the new government desperately needed a way to pay off their war debts. Alexander Hamilton devised a Financial Program that consisted on developing public credit, a national bank and manufacturing. His plan to create public credit was key to developing America’s loan prospects, since it was an up and coming nation. The plan highlighted the use of a national banking system similar to that of the bank of England except it was guaranteed to protect American civil liberties. This banking system would eventually lead to the establishment of several other banks creating a more independent
The colonies economy was primarily composed of agriculture, slave labor and commerce. During the American Revolution, America allied with France for military and financial support, and the borrowed money of their people. After independence was achieved the new government desperately needed a way to pay off their war debts. Alexander Hamilton devised a Financial Program that consisted on developing public credit, a national bank and manufacturing. His plan to create public credit was key to developing America’s loan prospects, since it was an up and coming nation. The plan highlighted the use of a national banking system similar to that of the bank of England except it was guaranteed to protect American civil liberties. This banking system would eventually lead to the establishment of several other banks creating a more independent