VOICE ONE:
Alexander Hamilton was a proud man. He was quick to criticize others. He even criticized George Washington. Once, during the war, he was late to a meeting with the general. Washington protested. Hamilton resigned.
Washington was sorry. He had a high opinion of Hamilton's abilities. That is why he was willing to forget the incident and appoint Hamilton to the new Treasury Department.
The job would be difficult. The new nation had to find ways to bring in money and pay what it owed. The new Constitution said the national government was responsible for re-paying the states' wartime loans.
One way to get money was to borrow it. But no one wanted to lend money to the United States unless they were sure they would get it back. So, the Congress asked Treasury Secretary Hamilton to write a report about how to build up the government's credit.
VOICE TWO:
Hamilton's report said the government must pay back the full amount of all its debts. This caused a dispute.
Many of the debts were in the form of government notes. The notes promised to pay someone for supplying food, clothing, and weapons to the rebel army. Some promised to pay soldiers for joining the army.
The notes really were worth nothing, however. The wartime Congress had no money. People who got them lost hope of ever getting re-paid. So they sold them to anyone willing to pay even part of the value.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25