The rift that led to the Civil War can trace its roots to the difference of opinion between Thomas Jefferson and Alexander Hamilton.
Hamilton, a Federalist, believed the new USA should assume all the war debts incurred by the states as a result of the war with England. He believed this would make the creditors loyal to the new country and invested in its success.
Jefferson felt this gave too much power to the government. With bankers and the rich loyal to the federal government rather than the states, the federal government could use that power for coercion.
This is pretty much the same argument that revolves around capitalism vs socialism. If a government controls wealth, it also controls the people. How does control of debt differ?
2007-11-29
08:24:20
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7 answers
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asked by
Perplexed Bob
5