Federalists+and+Republicans

Federalists and Republicans
__Hamilton Federalists:__ __Republicans__ Fundamental Political Conflict
 * Run by Alexander Hamilton
 * George Washington, John Adams
 * Alexander Hamilton and National Debt
 * No national currency
 * Every state has their own currency and debt
 * States funded the war with bonds
 * Problem was the states weren't sure if they would win the war because if the British win, that bond wont be worth anything later
 * A lot of state bonds were in the hands of rich speculators (investors)
 * Hamilton decides to buy all the state bonds and pay for them
 * Don’t have enough money, so he issues federal bonds and taxes to raise money\
 * Two Taxes
 * Tax on whiskey
 * A lot of whiskey = generate money
 * Tax on imports
 * Tariff
 * An attempt to protect domestically made goods
 * Makes American made goods cheaper and foreign made goods more expensive
 * Creates a National Bank
 * People were a little iffy on letting congress do this because now power and money are at the hands of the government
 * Country with a strong centralized government that can manage economy and keep the states inline, based upon a manufacturing economy.
 * Wants cities
 * Wants America to make their own goods
 * Hamilton was worried:
 * Nation full of farmers-
 * If there were only farmers, they would need to go to outside sources to buy necessary things (clothes, plows, etc)
 * Didn't want the United States to depend on Europe and be the "child" of Europe (Economic colonialism, not a colony, but has the same relationship due to the economy)
 * In the beginning of the French Revolutions, Hamilton opposed and Federalists thought this was crazy
 * Farmers- side with Jefferson
 * Thomas Jefferson, James Madison
 * Think the Federalist idea is awful, and anti-revolutionary
 * Wanted a federal government that did just what they NEEDED to do, and state economy did everything else.
 * Republicans supported French ideas and actions for liberty
 * Hamiltonian Federalism
 * Jeffersonian Republicanism