What was the financial crisis that led to the Constitutional Convention?

Answer 1

The continental congress under the Articles of Confederation gave no real powers to congress or the president (there was a president before Washington.) Because of this the national government was broke and going deeper into debt. The nation was about to collapse.
Congress had no power to raise revenue only the states could. Every state printed it's own currency and did not have to accept each others.
The states decided if and how much they gave to the congress to pay off foreign debt from the Revolutionary War.

The system simply did not work. A central government was needed. But the rights of the states had to be protected (this protection is what the war was about to start with.) We also neede to have a national currency that everyone had to use and accept for interstate trade.

For these and other lesser reasons the convention was called for.

Answer 2

The two answers provided first are right except the second person's assertion that there was a President before Washington--the Articles of Confederation did not provide for an Executive or Judiciary, only a one-house Congress. He must have relied on his own limited knowledge for this.

Answer 3

After the Revolution, the country was a broke collection of colonies. Alexander Hamilton devised a plan to forgive the states' debts and to establish a banking system for the new country. My guess is that the question involves forgiving the debt.

Answer 4

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