Legacy and Pop Culture
What hit musical is based on Hamilton’s life?
Hamilton.
What major bank did Hamilton help establish?
The First Bank of the United States.
Which party did Hamilton belong to?
Federalist.
What role did Hamilton play in the Constitutional Convention?
Delegate from NY; advocate for strong federal government.
Hamilton planned to repay $77 million in debt among 13 states. How much per state?
About $5.9 million.
What currency is Hamilton on?
The $10 bill.
What financial issue did Hamilton want the federal government to take on from states?
Revolutionary War debt.
What did the Anti-Federalists want added to the Constitution?
Bill of Rights.
What papers did Hamilton write to support ratifying the Constitution?
The Federalist Papers.
If a 5% excise tax is placed on whiskey sales totaling $1,000, how much tax is collected?
$50.
What was Hamilton’s stance on presidential power?
He supported strong executive power.
What is an excise tax?
A tax on a specific good, like whiskey.
What was a major difference in how Hamilton and Jefferson viewed government power?
Hamilton wanted strong central gov.; Jefferson wanted states’ rights.
True or False: Hamilton believed the Constitution should be interpreted loosely.
True.
The national bank offered 6% interest on bonds. What’s the interest on a $200 bond?
$12.
Why do many credit Hamilton with saving the U.S. economy?
He created a strong financial foundation.
What was Hamilton’s 3-part financial plan?
Pay debt, create a bank, establish taxes/tariffs.
Who were the Anti-Federalists afraid would be too powerful?
The federal government.
How did Hamilton use the “necessary and proper” clause?
To justify creating the national bank.
A state owes $4 million. After Hamilton’s debt plan, it only pays 25%. How much is that?
$1 million.
Which of Hamilton’s ideas still affects us today: debt repayment, banking, or both?
Both.
Why did Jefferson oppose the national bank?
He believed it was unconstitutional and gave too much power to the federal government.
Why did Hamilton argue for a strong federal government?
To unify the country and strengthen its economy.
What Article in the Constitution establishes federal financial powers?
Article I, Section 8.
If import tariffs raise $500,000 and excise taxes raise $250,000, what’s the total income?
$750,000.