Why?
This man had the idea of a National Bank
Who is Alexander Hamilton?
This was one step of "the plan".
- Answers vary (Up to our discretion)
These people followed a "loose interpretation".
Hamilton and the Federalists were in favor of a loose interpretation.
This was the name of the final solution.
What was the "Assumption Compromise” or "The Compromise of 1790"?
The U.S. owed this much money to their allies
How much is $52 million?
Assumption
Assumption was that the national government assumed responsibility for paying the debts of all 13 states as well as the obligations of the federal
These people followed a "strict interpretation".
Who were James Madison and the Antifederalists?
This was the location of the new capital.
Where is the Potomac River? (Not Washington D.C because it was not fully decided yet)
This man had the idea of tariff bills
Who is James Madison?
This explains how the plan would work.
Assumption was that the national government assumed responsibility for paying the debts of all 13 states as well as the obligations of the federal
This was the basic problem.
The power to charter a national bank is not specifically mentioned in the Constitution.
BONUS!!! Who is the best history teacher of all time?
Jee, I wonder who. Thank you so much, Mr. Marshall!!!!
This is when Hamilton proposed his Financial plan.
When was 1789?
How would Hamilton's plan solve this issue?
- Answers vary (Up to our discretion)
What is a "loose interpretation"?
It was believed that the bank was “necessary and proper” for the country.
This is what the "Assumption Compromise" solved.
The “Assumption Compromise” was a solution to the disagreement between the North & the South.
The U.S. owed money to these allies in the form of war debt.
Who are France, The Netherlands, and Spain?
Hamilton proposed these three actions to address the issue.
1st: pay off all war debts.
2nd: raise government revenues
3rd: create a national bank
What is a "strict interpretation"?
A “strict” interpretation is one that states that it is against the constitution to establish a national bank. The power to charter a national bank is not specifically mentioned in the Constitution.
This is what the assumption compromise stated.
The Assumption Compromise stated that in exchange for creating a national bank, the capital would be placed in the South.