Reflection wk 6 October 21 (Alexander Hamilton)

                “While all believed that the credit of the new government should be established, these were highly controversial proposals.  First, the new taxes appeared to be laid disproportionately on tea and the other widely used consumer items and on activities carried on only by back-country farmers, such as making whiskey out of whatever surplus grain they could not transport to eastern markets.  Second, the current holders of Revolutionary War bonds and other obligations were speculators and financiers who had avidly bought at very low discounted prices; to pay them back at full value would result in enormous profits for them and nothing for the people who had actually provided the money in patriotic response to the urgent call of Congress.  James Madison led the fight in the House of Representatives to pay the original purchasers at least some proportion of their investment, but Hamilton’s argument prevailed.  This issue precipitated the first in the series of internal conflicts that soon drove Madison and Thomas Jefferson to form a political party to oppose the Federalists.  Third, some states had already paid back their wartime debts, and their representatives objected to contributing further revenues to pay the unpaid debts of other states.  Fourth, a national bank would overshadow state banks and give its wealthy investors additional power and profit and did not appear within the Constitution’s grant of powers to Congress.”  (Alexander Hamilton’s Program)

            What was interpreted from this paragraph was that the credit that the new government created was controversial for consumers and country farmers; while persons that had purchase War bonds were cashing them in at full value making a huge profit and nothing was there for the genuine patriots.  While some states have managed to pay the debts they refuse to contribute to the debts of other states, and national banks were form to overshadow state bank which would provide huge profit for wealthy investors and power.  This led Madison and Jefferson to form a political party that opposes the Federalists.

            I choice this paragraph because Alexander Hamilton aim was rapid growth and expansion and to do so he worked on arm forces and by sending men to war he manage to make the rich richer and the poor continue to struggle; this brings back the memory of When George Bush became president, within 6 months of his election Bush manage to send troops to war, 911 and watch the stock market crash, and the person that seem to have benefited from these events were those who were already wealthy.  With the 911 dilemma and the stock market jobs were lost and poor/lower class started to suffer as jobs, home and benefits were lost; while the rich were able to file bankrupt and still live a wealthy life the poor continues to feel the pain of all that have happen.