💰Alexander Hamilton proposed having the federal government assume the debts of the individual states to strengthen the state's bond with the federal government.
💲Hamilton imposed tariffs and excise taxes to generate revenue and stabilize the nation's finances.
🏦Hamilton proposed the creation of the first Bank of the United States, which would collect taxes, print money, and pay the government's bills.
🗽Thomas Jefferson argued against the constitutionality of a National Bank, citing the Tenth Amendment and the rights of states.
🏛️Hamilton's argument, based on the powers granted to Congress in the Constitution, ultimately prevailed, leading to the formation of the first bank.