Hamilton'S Financial Plan Worksheet Answers

Question: What was the purpose of Alexander Hamilton’s four-part financial program?

Answer: To build a sound financial basis

Question: What is a tariff

Answer: A tax on imported goods

Question: What was the purpose of the Whiskey tax?

Answer: To raise money from western farmers

Question: What is a national debt?

Answer: The amount the national government owes their creditors

Question: What are the actions and duties of a national bank?

Answer: Accept deposits

Provide stable currency to a country

Loans money to the government

Question: What were the 4 parts of Hamilton’s financial plan?

Answer: Repay the national debt

Protective tariffs

National banks

Whiskey tax

Question: Repay the national debt

Answer: The national government should pay off the debts of the states and the previous national government in order to help establish the credit of the new nation

Question: Protective tariff

Answer: Hamilton wanted congress to pass a high tariff, a tax based on imported foreign goods to protect American industries from foreign competition

Question: National bank

Answer: A national bank should be created as a place to deposit tax revenues, to provide a sound currency, and to make loans to the national government

Question: Whiskey tax

Answer: Hamilton proposed a tax on whiskey to raise money from western farmers who largely paid no taxes to the federal government