National Bank
Who proposed the creation of the National Bank?
Alexander Hamilton
What system did Hamilton propose to solve the problem of multiple currencies?
A single currency system
What type of tax was imposed on distilled spirits?
The excise tax
What was the main goal of Hamilton's debt management plan?
To stabilize government finances
In what year was the National Bank established?
1791
What Act established the U.S. Mint and a standard currency system?
The Currency Act of 1792
What was the name given to the rebellion against the Whiskey Tax?
The Whiskey Rebellion
What Act allowed the federal government to assume state war debts?
The Funding Act of 1790
Which two Founding Fathers opposed the idea of the National Bank?
James Madison and Thomas Jefferson
What were the three types of metals used in the new currency system?
Gold, silver, and copper
What year did the Whiskey Rebellion occur?
1794
Approximately how much total debt did the federal government assume from the states?
$25 million
Which institution served as the model for the National Bank?
The Bank of England
Where was the U.S. Mint established?
Philadelphia
Which president supported Hamilton in quelling the Whiskey Rebellion?
George Washington
What did Hamilton issue to creditors in exchange for the assumed debts?
Federal bonds
What was one of the primary functions of the National Bank?
Collecting tax payments
What did Hamilton’s monetary reforms help promote in the economy?
Economic integration and activity
What was one purpose of the tariffs imposed by Hamilton?
To protect American industry from foreign competition
What did Hamilton view as an instrument for economic growth and stability?
A controlled national debt