The Bank acted as the federal government’s fiscal agent, collecting tax revenues, securing the government’s funds, making loans to the government, transferring government deposits through the bank’s branch network, and paying the government’s bills.
What did Hamilton do to win support for his plan from the Southern leaders?
What did Hamilton promise Southern leaders in order to gain their support for his plan to pay off state debts? He promised them he would support locating the new nation’s capitol in the south if they supported him back.
What was not part of Hamilton’s economic plan?
What was NOT part of Hamilton’s economic plan? The creation of a new set of bank notes was not part of Hamilton’s economic plan. What was Thomas Jefferson’s argument against the creation of a national bank? The government did not have the constitutional authority to do so.
Why did Hamilton propose that the federal government take over and pay off the states wartime debts?
Hamilton proposed that the federal Treasury take over and pay off all the debt that states had incurred to pay for the American Revolution. The Treasury would issue bonds that rich people would buy, thereby giving the rich a tangible stake in the success of the national government.
Did farmers need state banks to loan them money to run their farms?
The Second Bank of the United States was a national bank run by federal officials. Farmers needed state banks to loan them money to run their farms. In 1832 President Jackson signed a bill renewing the Bank’s Charter. The Supreme Court had ruled that the Bank was constitutional in its McCulloch V.
How did Congress get money to pay for the war?
During the American Revolution, a cash-strapped Continental Congress accepted loans from France. This was accomplished by establishing dummy corporations to receive French funds and military supplies.
