Question

Political divisions first surfaced over the financial plan developed by Secretary of the Treasury Alexander Hamilton. Identify the five parts of Hamilton’s financial plan.

a. creation of a new national debtb. creation of the Bank of the United Statesc. encourage the development of factories by imposing a tariff on imported goodsd. establish the new nation's credit worthinesse. impose a tax on whiskey producers in order to raise revenue

Answer 1

Answer:

Five parts of Hamilton's financial plan are as follow.

• New National debt generation.
• The establishment of a United States Bank.

• Encourage plant growth by enforcing tariffs on goods manufactured.
• Establish credit-worthiness for the new nation.
• Impose a tax on whiskey manufacturers to increase profits.

Explanation:

1. The federal debt is the government's debt and public debt. It is also named national debt, state debt 
2. The Bank of the U.S was set up by Alexander Hamilton in 1791 to act as a warehouse for government funds and as the monetary officer of the court.
3. A tariff's primary effect is to increase the price of goods and reduce the amount. The high price defends rivalry in the domestic industry.
4. Creditworthiness is how it is calculated by a company or country that it will default on its debt obligations or how eligible it is to receive new credit.
5. The bill imposed a state tax on domestic and foreign spirits, set aside to cover a part of the previous acquisition of state debts by the government.