Hamilton's plan would repay the full value of the notes to those who owned them last. This meant the people who first got the notes from the government would receive nothing. And the people who bought them at low cost would receive much more than they paid.
VOICE ONE:
Congressman James Madison of Virginia protested. He said the people who bought the notes at low cost should be paid, but not in full. Some of the money, he said, should go to those who got the notes in exchange for supplies or services.
Madison made an emotional speech in Congress. He described the situation of former soldiers forced by hunger to sell their government notes for almost nothing. He noted that the Union was established to protect the people against such injustice.
VOICE TWO:
Hamilton said the purpose of his plan was greater than simply paying debts. He said it was a way to build up the nation's credit so it could borrow money more easily in the future.
Hamilton believed that those who bought the notes had a right to earn money from them. These men took a chance that the worthless notes would be worth something, someday. The government could not deny them their profits.
Many members of Congress felt sorry for the poor soldiers and their families. Yet they voted against Madison's proposal and supported Hamilton's plan.
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VOICE ONE:
Hamilton's plan raised old fears. The agricultural south was sure he was trying to make the industrial north more powerful. Hamilton did not deny this. His purpose was to strengthen the nation. He believed all areas would be helped if industry and commerce were stronger.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25