The Presidency First President of the United States was George Washington. PrecedentHe set the...
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Transcript of The Presidency First President of the United States was George Washington. PrecedentHe set the...
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.