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George Washington & National Debt

George Washington & National Debt. Chapter 6 – Section 1 & 2. George Washington – 1 st President. - Washington– Very popular with the people - Electors from 11 states (Electoral College) met in 1789 to vote on President. - Washington Elected / John Adams Vice President.

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George Washington & National Debt

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  1. George Washington & National Debt Chapter 6 – Section 1 & 2

  2. George Washington – 1st President - Washington– Very popular with the people - Electors from 11 states (Electoral College) met in 1789 to vote on President. - Washington Elected / John Adams Vice President

  3. George Washington Takes Oath of Office!

  4. Statue of George Washington

  5. The New President - Set examples and traditions (precedents) for Executive Branch- 2 terms, American Cloth, “Mr. President”, farewell address, meet with cabinet regularly - Created 1st Cabinet- Alexander Hamilton, Secretary of Treasury and Thomas Jefferson – Secretary of State - Judicial Branch finalized (Judiciary Act 1789)

  6. The New United States - 4 Million People in 1790 - Mostly farmers – wanted fair tax laws & to settle western lands - 1st Capital – New York City – 33,000 People

  7. Federal Building – N.Y. City

  8. Alexander Hamilton Plan: - Pay foreign Debt, then Citizens (bond holders), and free up states to invest in building the economy--create good credit - Gain Revenue- Protective tariffs and bank interest - Stabilize- National Bank and National Mint (one single currency)

  9. National Bank - National Bank is needed to Safely Deposit federal funds and stabilize the economic system - Make loans to government and businesses - States’ rights opponents didn’t think the bank was constitutional (Jefferson) - Limited bank to a 20 year charter

  10. Jefferson’s Views -Against Strong Central Government -Supports and trusts the people (common man) to rule country *Supported Agriculture and Farmers *Lower Tariffs to keep costs low on products that farmers buy -Strict Construction- Against using the Elastic Clause to create a National Bank

  11. Opponents to the Bank - Jefferson and Madison opposed idea - Constitution did not grant power to the federal government to create a national bank - Strict interpretation of Constitution – Can only do what the Constitution says

  12. N.Y Stock Exchange

  13. Supporters of the Bank - Hamilton – Loose Interpretation of Constitution (stretch the Elastic)- congress can do what Constitution does not forbid - Washington and Congress approved National bank in 1791

  14. International Conflicts *The Neutrality Proclamation - Remained neutral during war between France and England *Jay’s Treaty- Settled disputes with England *Pinckney’s Treaty- Settled a dispute with Spain over The Port of New Orleans, territory, and borders

  15. Domestic Conflicts *Battle of Fallen Timbers- fight with native Americans over western lands *Treaty of Greenville- forced the Natives to give up Northwest Territory to American settlers *Whiskey Rebellion- Washington personally enforces U.S. tax laws

  16. Farewell Address *Stay loyal to the union- don’t let anything come between you and your country *Always refer to yourself as an American *Use education to strengthen the country *Beware of political parties *Beware of close foreign alliances *Do not let our nation get into debt

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