Why Hamilton Was In Debt

Economically Hamilton was in debt. He believed that this debt was a “ national blessing”. But the thing was that he wanted to get rid of the debt. He was $54 mil in debt and $21.5 mil in state debt which came out to $875 mil in debt. So in order to pay this debt he owed to the federalist domestic and the state, he had a financial system. He decided to use systems like the assumption, funding at par, a tariff, and the Bank of the U.S. The assumption was the transfer of debt from one party to another. Hamilton also used the funding at par which meant that he wanted to pay everything full price. A tariff was the taxing on imports and raise the price on foreign goods by 8%. Lastly, was the Bank of the U.S, which Hamilton said was an elastic clause