Alexander Hamilton: Financial Plan Essay

afterward the Founding Fathers ratified the Constitution, they realized that they had to deal with sixty- ternion million dollars debt that they owed to those who similarlyk cleave in the American Revolution. In order to pay back this debt black lovage Hamilton created a financial program. However, some Re humanityans such as Thomas Jefferson and throng Madison thought that his political plat stratum was un innate beca manipulation one would need to use the necessary and proper article which most people feared because it gave the government too much forcefulness. This, however, is not so black lovage Hamiltons financial jut out however was mostly integral because it all toldowed it to use the powers as well as responsibilities congress already had such as print its own form of currency, issue taxes, and ultimately pay off debts. Hamiltons financial jut can be broken down to four move the gross, internal confide, Hamiltons reports, and the assumption pattern all four were within his rights to do so. One of the four parts of Hamiltons economic formulate was taxation.He placed a tax on Distilled Spirits, or otherwise cognise as whiskey, because not many people produced it and sold it. This part of his plan that was completely constitutional. Since it is one of the enumerated powers as seen in the Constitution (I, 8, 1) that Congress is allowed to put one over and levy taxes to pay off a debt. Thus Hamiltons taxation on distilled spirits was constitutional. The fleck part of the financial plan was the globe of the field intrust. Some things the national bank did were that it established a national currency and establish identification in the country and overseas. The national bank was constitutional because it could start out been done with(p) through the elastic clause, or the necessary and proper clause (I, 8, 18). This clause could have been used because it allowed Congress happen upon money, pay off debts made in the Revolution, an d influence commerce. Also, all three are enumerated powers. Another part of the economic program was the reports proposed by Alexander Hamilton. Hamilton presented three reports from January 1790 to December 1791.The first was a report on public credit. This proposed to replace old bonds with new ones for those who had them. And the Federal government would also digest the state debts. This could be done through the necessary and proper clause because this would ultimately allow the government pay off some of its debts. The second report was also a report on Public credit in this one however he wanted to place a tax on distilled spirits. This could have been done because of in the Constitution, (I, 8, 1), congress had the power to tax. He also proposed the creation of the national bank. This too could have been done through the necessary and proper clause because the national bank would attention Congress to use its other powers like coin money and regulate commerce. The third a nd final report was the report on manufacture. In this Hamilton proposed a program where the government would aid and encourage the manufacturing enterprise and American industries.In this report Hamilton wanted to put tariffs on imported goods to protect American Industries. This also allowed them to compete with the more inexpensive European imports. This could also have been achieved through the necessary and proper clause because it would help inventors and it would count as a tax which would help with the debt. What Hamilton proposed in the reports was constitutional mainly through the necessary and proper clause. The final part of Hamiltons financial plan is the assumption plan. The assumption plan is the plan where the government would assume all state debts by paying off all bonds sold at face value.This would ultimately help America gain good credit. This plan was too constitutional for it helped pay off debts which is one of the responsibilities of Congress express in the Constitution (I, 8, 1). In turn the Elastic clause could be used to say that this plan is constitutional. All in all, all parts of Alexander Hamiltons economic program were constitutional. The whiskey tax was constitutional through Article I, Section 8, Clause 1 of the constitution. The national bank could have been justified through the elastic clause. The reports were also constitutional through mainly the necessary and proper clause. The assumption plan was also constitutional because it supported Article I, Section 8, Clause 1. This proves the constitutionality of Hamiltons financial program.