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Hamiltonian economic program From Wikipedia, the free encyclopedia

Alexander Hamilton by William J. Weaver The Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first administration. These reports outlined a coherent program of national mercantilism government-assisted economic development.

First Report on Public Credit – pertaining to the assumption of federal and state debts and finance of the United States government (1790) '''In this report, Hamilton includes his plan to tax whiskey in order to boost revenue; He thought a tax on whiskey would be harmless and an easy way to make money quickly. Hamilton thought wrong, and his new tax set off the Whiskey Rebellion. This Rebellion showed a blatant separation in social classes as rural Pennsylvania farmers fought against the government. Eventually, the tax was repealed and this greatly emphasized the gap between how much control the people hold, versus how much control the government holds.

'''Quote 1: "Hamilton set tax rates at a manageable level, which would not inhibit trade and production.115 He realized that excessive tax rates would both hurt the economy and bring in less revenue. He was attentive to which kinds of taxes would depress economic growth. He thought taxation of the consumption of alcohol would be both inelastic and harmless. That is how he inadvertently set off the Whisky Rebellion." (McConnel, Michael W. ""What Would Hamilton Do?"". Harvard Journal of Law and Public Policy. Vol. 35, Iss. 1: pp. 259-282 – via ProQuest.)

Quote 2: Though the whiskey excise tax was ultimately repealed, its implementation and the ensuing Whiskey Rebellion solidified the federal government’s authority over citizens in the various states in the country and set a precedent for how acts of rebellion would be dealt with to preserve the nation ... Ultimately, the Whiskey Rebellion '“created a precedent for the supremacy of law and the suppression of an extreme individualism which, marching under the banner of freedom or state’ rights, promotes violent disobedience to constitutional authority.”' ( ""Whiskey in Early America"". International Social Science Review (Online). vol. 94, no. 1: pp. 1–24. January 1, 2018 –via EBSCOhost. )  Second Report on Public Credit – pertaining to the establishment of a National Bank (1790) Report on Manufactures – pertaining to the policies to be followed to encourage manufacturing and industry within the United States (1791) Report on a Plan for the Further Support of Public Credit - pertaining to how to deal with the system of public credit after Hamilton's resignation, including complete extinguishment of the public debt (1795)