Hamilton proposed that the federal gov't assume payment of the debts contracted by the states during the revolution. to pay the combined state and federal debt, he devised a financial plan, which was that the natl gov't borrow money to be repaid over a long period. he advocated a natl bank to help administer the program, and submitted a variety of taxes to pay for it. as the gov't built financial reserves, it would deposit the money into the natl bank. then the bank would lend out providing capital for planters and businessmen. a substantial portion of the revenue is to be paid off the debt would come form high tariffs on imported good, the tariffs would protect new american industries from cheap foreign competition. objections to the plan was by the anti-federalists, who thought that these actions would place power and control in the hands of the few wealthy merchants and businessmen.
