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This meant that all debt owed by the states would be taken on by the federal government and paid back to share holders. Many political figureheads especially Thomas Jefferson saw this as unfair, because most of the shareholders of the debt were wealthy American, and foreigners who bought the loans from farmers and soldiers during the revolutionary war. Southern states also found it unfair that some states receive a free pass on their financial obligations. But Hamilton put up the argument that it was the original holder's decision to sell the bond, and it was only fair for the current shareholders to receive payments for their bonds...
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Common topics in this essay:
- Activist Federal Government
- Expansion Of Federal Power
- expansion of the Federal governmrnts power, at the expense of sectionalism
- The Federal Reserve System: Modern Fascism And Absolute Power
- Federal Reserve Bank Changing Money Supply
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- Should the Federal Government Point the way for Science
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