The Presidency

• First President of the United States was George Washington.

• He set the PrecedentPrecedent (he set the example) for all future presidents.

• He did not want America to get involved with other countries affairs.

• The President is elected by the Electoral CollegeElectoral College

Alexander Hamilton

• He was the Secretary of the Treasury.

• His first challenge was to pay off the national debt.

• Governments raise money by selling bonds.

• A bond is a certificate of debt that promises to buy back the bond at a higher price.

Hamilton vs Jefferson• Hamilton’s plan was to pay back

the foreign debt as soon as possible.

• He then planned to pay back the bond debt gradually back to the people of the US.

• Hamilton did not agree with Jefferson. He stated that the speculators took the risk of the bonds not being worth anything. Therefore they are entitled to their profit.

• George Washington sided with Hamilton. This began Jefferson’s problems with Washington and Hamilton.

• Jefferson did not agree to the second part of the plan.

• Speculators, people who buy items at low prices in hopes that the value of an item will rise, had bought many of the bonds at below face value.

• Jefferson argued that they would make huge profits off the government and poor unfortunate people.