secretary of the treasury alexander hamilton wanted the government to take over war debts of the states, and pay this debt by?

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Wilson Frederick

History

14 February, 17:22

secretary of the treasury alexander hamilton wanted the government to take over war debts of the states, and pay this debt by?

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Samantha Jensen · Answer 1

He wanted the government to tax luxuries such as booze and jewelry.

Laney Jensen · Answer 2

The new American authorities faced huge ecomic challenges in the 1780s. As a result of war, the federal debt was $54 million with interests. The states owned another $25 million. Paper money issued by the Continental Congress was useless and foreign credit unavailable. Secretary of the Treasury Alexander Hamilton advocated an expansion of federal taxation; a tariff and a tax excise on whisky, for example. He said that the federal government should take over and pay off all debts incurred by the states during the Revolutionary War.