This article discusses Alexander Hamilton's plan for centralized control over the financial institutions of the nation and the opposition it faced from the Republicans. It also explores the alternative plans proposed during that period, such as the Virginia Plan and The New Jersey Plan.
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Running head: HAMILTON’S PLAN FOR COMMERCIAL INDUSTRIALIZATION Hamilton’s Plan for Commercial Industrialization Name of the Student Name of the University Author’s Note
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1 HAMILTON’S PLAN FOR COMMERCIAL INDUSTRIALIZATION TheplanproposedbyAlexanderHamiltonwasopposedbythesocalled “Republicans” on various grounds, primarily focusing on the centralized control of the governments in the financial field. The proposed plan considered the centralized control over the financial institutions of the nation. However, the people like Jefferson who opposed the plan due to the distrust on the individuals involved in the plan as, Jefferson, following the footsteps of Washington believed party politics would be the cause of America’s downfall. They feared the monarchist institutions that were followed in the plan proposed by Hamilton. Furthermore, the interpretation of the constitution was not clear that created doubt about the existence of National Banks, as there was no clear mention of it1. Moreover, many believed that a particular segment of the nation were to be benefitted from the plan proposed. This was due to the fact that a large number of old bond holders gave away their bonds to the people from north for as they feared it will be useless after the implication of new financial. However, this was not the fact and the old bonds were to be redeemed at full value. This would have benefitted a northern who bought the bonds for near to nothing. The major alternative plans proposed in the contemporary period were Virginia Plan and The New Jersey Plan. Virginia Plan proposed for a stronger national government replacing the articles of confederation. According to this plan, the larger states with greater population would have held greater representative power, thus limiting the voices of the smaller states in the national theater2. This caused the search for alternative options for developing the New Jersey Plan. The later was proposed by the delegations of New Jersey thatsetsoutelevenresolutions.TheplanproposesforrestorationoftheArticleof 1"Growing Opposition [ushistory.org]".Ushistory.org, 2018. Online. Internet. 8 Feb. 2018. . Available: http://www.ushistory.org/us/18c.asp. 2Grant, S. G., Kathy Swan, and John Lee. "Questions that Compel and Support."Social Education81.4 (2017): 200-203.
2 HAMILTON’S PLAN FOR COMMERCIAL INDUSTRIALIZATION Confederation and revision accordingly, so that the federal government receives greater authority. It also discarded the idea of bicameral legislature and proposed for the restoration of single chamber structure mentioned in the articles3. This plan was intended to strengthen the articles by supporting power to congress that included taxation and regulation of interstate commerce. 3Vile, John R.The Men who Made theConstitution:Livesofthe Delegatesto the Constitutional Convention. Scarecrow Press, 2013.
3 HAMILTON’S PLAN FOR COMMERCIAL INDUSTRIALIZATION Bibliography Grant, S. G., Kathy Swan, and John Lee. "Questions that Compel and Support."Social Education81.4 (2017): 200-203. Growing Opposition [ushistory.org].Ushistory.org, 2018. Online. Internet. 8 Feb. 2018. . Available: http://www.ushistory.org/us/18c.asp. Vile,JohnR.TheMenwhoMadetheConstitution:LivesoftheDelegatestothe Constitutional Convention. Scarecrow Press, 2013.