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I think Hamilton's plan did mostly favor the upper class for a couple of reasons. Hamilton wanted to call in bonds during the first stage of his plan. This sounds like it would work however the poor people that received these bonds would sell them for a lot less than what they are worth and in the end they would lose money, while the wealthy people buying the bonds will eventually make money off of them. Also, Hamilton planned on paying off the debt by taxing whiskey and imports. This was unfortunate for poor people since they barely had enough money to buy products without tax. Now the poor had to struggle to buy products with the additional tax.
ReplyDeleteI think Hamilton's plan favored the upper class due to the fact that the poor did not benefit from it. Because the poor could only afford enough supplies to keep their families fed, they struggled when taxes were imputed on imports. Also, if a soldier were to be poor and he needed to cash in his bond for money, the only way to get money out of this would be by selling it. Of course, if someone was in dire need of money, I'm sure the soldier would sell their bond for less than it is worth. Therefore, the "poor soldier" is pretty much being ripped off. Hamilton's ideas of taxes and bonds definitely did not benefit the poor population of the U.S.
ReplyDeleteI agree with Alex. The poor did not get anything out of Hamilton's plan. Alex also says that the "poor solider is pretty much being ripped off." I completely agree with this. Their bond could have been worth 1,000 dollars, but they would have to sell it for around 200 dollars since they desperately need the money.
ReplyDeleteI agree with Courtney when she said that the wealthy would make money off the poor. This is very true. If a wealthy man bought a bond from a poor man, who sold it for a lot less than the bond was worth, than the wealthy man would pretty much be stealing from the poor man. No wonder why the poor people did not agree with Hamilton's plan. They probably felt this society he was establishing would eventually become corrupt. The poor did not want to become even poorer. The wealth people were able to take advantage of them during these situations, and the poorer greatly detested this.
ReplyDeleteI agree that Hamilton's plan only had to favor the upper class. Many of the poor had fought hard during the Revolution! A major motivation for their hard work during the revolution was the promise of the bond. Just like we said in class today, the poor person was in major need of any money they got get so they would sell it off cheap, as perhaps $200 instead of the $1,000 bond. However, the new, wealthier owner would get cash from the government from this bond or get a new bond. Either way, this person made money and the poor person, who really needs it to make a living, did not get what they deserved.
ReplyDeleteFurthermore, the Bank of the United States, the national bank, was like an ATM machine for the government. This was where the government could keep their money in one place making it more efficient and easier for them. Sure, this was a stable banking system but the rich benefitted more because they would be more likely to put their cash in the bank, especially because they could put cash into the bank. The poor were having a hard time surviving, and this plan did not take their struggles into consideration. It was easy to see their discontent with the Hamilton plan with the Whiskey Rebellion. The tax on imports and whiskey just added burden to their financial problems, creating a larger possibiity for them to not get their basic needs.
Hamilton's plan definetly favored the upper class. Since Hamilton created a national bank instead of state banks, many of the states weren't pleased because either they already paid their debt, or owed a lot of money already. The poor had trouble paying off this debt. Also, Hamilton placed taxes on imports and whiskey to pay off bonds, which made it harder on the lower class as well. Speaking of bonds, many people lost a lot of money with these and although the people in the upper class might have been okay with this, the lower class lost more and more money even though they couldn't afford to.
ReplyDeleteI also agree with Nisha that the Bank of America was pretty much like an ATM machine for the government. The rich beneffited much more from this than the poor did. The Whiskey Rebellion is a great example of how the poor were unhappy with Hamilton's plans.
ReplyDeleteHamilton's lan was definitely a disadvantage for the poor. This gave them a huge set back preventing them from being able to afford their everyday items. Many daily items were taxed going as far as to taxing whiskey and imports. The soldiers who fought long and hard in the cold to get their pay check were now unable to get their immediate pay check. Instead, they would receive a bond that could either be sold for much less than the amount of the bond or, wait a long period of time for the bond to be cashed. The people who were already rich had no problems with these new laws and too interest in this new government forming by investing in it.
ReplyDeleteI agree with Steph the disadvantage that was put on to the states who had already paid their debts was unfair. However, it does seem necessary for forming an economy for America. The rich were the only ones who were able to benifit and make a profit from investing meanwhile the poor had to struggle with the payments and found it hard to afford the taxes. However, even though many people of Congress did not want to hurt the poor they found it necessary to form the rest of the states into a country
ReplyDeleteI agree that Hamilton's plan only favored the upper class.Hamilton believed that what the US needed was order and stability. Hamilton was tasked with establishing a financial system for the new government.In his view, the best way to make new federal governemnt succeed was to get powerful, wealthy people behind it.He also wanted the government to get money by putting a high tariff on goods brought from England. He favored a strong central government with wealthy and educated people behind, a national banking system, and to develop manufacturing in America. But manufacturing threatened the values of an agrarian way of life. Also, some states had already paid off their debts earlier, it was unfair to tax all the states to pay off the "national debts".
ReplyDeleteI agree with what Courtney and Alex said. Hamilton's plan only favored the upper class which the poor didnt get benefit from the plan. People were all taxed to help to pay off the debts.The upper class can make money by buying the bonds at a good value, but the money will never come back to the people who sold their bond a lot cheaper than how much it worths because they needed that money.
ReplyDeleteThis national debt was definitely a disadvantage to the poor. Although the poor had worked just as hard as the rich, they didn't recieve the same benefits. National debt was also a burden to some of the states who had already paid everything off. It seemed unfair, but from a rich perspective it seemed beneficial due to the fact that they just made more money out of it. The poorer people had a lot more trouble paying everything off now and in the end they did not recieve as much credit as the rich did. Hamilton probably had good intentions behind this plan but coming from him (aka a wealthy man), he did not see the problems that it would lead up to. All of the states working together sounds like a nice idea, but in the end it was just not worth it seeing that it wasn't fair. Like it is mentioned above, the manufacturing in America would threaten the values already made. Kind of like how the national government proposed a threat to the poor financially. Pertaining to the fact that they already did not have much, this would just put them into even more trouble.
ReplyDeleteI think Hamilton's plan definitely favored the upper class. People were taxed to help pay off the debts and the upper class had more money to pay for taxes. The poor people had a lot more trouble paying everything off and even when they did they did not receive as much credit as the rich people did. Hamilton was most likely unaware of the problems this plan would rise but in the end the upper class made their money by buying bonds at good values and the poorer people lost their money selling those bonds and cheap prices in order to live. I agree with what Jamie because I also believe that Hamilton did not intend this but in the end this is how it ended up.
ReplyDeleteI agree with Jamie that the rich could get money from this plan, so taxes did not really affect them. However, the poor already had large financial problems and now it was getting worse. To the rich, it was beneficial but the poor felt disgruntled and avioded. This may lead to more tensions.
ReplyDeleteHamilton's place favored the poor in the short term, particularly concerning bonds and how the lower class labor force lost money on bonds. The tax on whiskey also posed a problem for the not-so-affluent population of the US, who favored a drink that cost more than ever -- on top of pre-existing economical issues. The tax on imports gave merchants the ability to charge more for imported goods, which has always been an extremely prevalent portion of the US GDP.
ReplyDeletePoorer people in states with less debt -- the Southern states, which had an Agrarian society with a significant amount of poor folks-- also had to pay higher taxes.
I agree with Nisha about how the bank was an essentially old-school ATM machine, and it was more secure and stable than ever before (comparable to the Bank of England). The $200 figure is also probably accurate, according to Mr. O. The $800 in opportunity costs would have made the poorer U.S. citizens out there feel cheated, but they had to accept a cruddy deal in order to solve short-term economical issues.
ReplyDeleteHamilton's plan had some defects because it mainly benefit the upper class people. The problem with that is that there is a lot of lower class people living in America. The bonds that were giving to the poor soldiers were also worthless because all they could do was sell them to other people. The taxes put on certain goods is extremely bad for the poor citizens because now it is even harder for them to survive. The bonds that were bought by the upper class people were eventually called in and returned to there full value which was very bad for the original bond owners.
ReplyDeleteI believe Hamilton’s plan did indeed favor the upper class people for various reasons. Hamilton wanted to tax on whiskey and imports in order to pay off the debt, which was adverse for the poor people because they barely could pay for items without tax and it was hard to now have to pay for these items with taxes. Also Hamilton had an idea with bonds and they were given to the poor people saying that the value will increase in time. However, these poor people needed the money now, so they would have to sell the bonds and only be a fraction of the money, while the rich people waited and got more profit off of it. It seems as if the rich people would only be making more money while the poor people keep losing money.
ReplyDeleteI agree with Jamie in the fact that the national debt was annoying for the states that had already paid off their debt. Now have to combine all of the other states debt into a national debt to pay it off. I also agree with Peter because there are more poor people living in an Agrarian society who had to pay higher taxes. How are they supposed to survive if they are continuously being taxed.
ReplyDeleteI agree with what Erin said. She made a valid point when she stated how the soldiers who fought for a long time in the war and got their pay check but weren’t able to get the full value immediately. Also I agree with what Pasha said too. He also stated something that was important and in a different perspective. Pasha said that Hamilton probably didn’t realize the problems he would cause with this plan even though the reason for creating this plan was to solve problems.
ReplyDeleteHamilton's plan favored the upper house for several reasons. One of the big reason was that a national bank had been established. This bank included both public and private money belonging to the government as well as individuals. This questioned the constitution and was later brought up for discussion about whether or not this was unconstitutional. Nevertheless, with these two different types of money being dealt with by bank, individuals were basically gambling on the performance of the government; if the government was doing well, they would be making good interest, and if the government was not doing well, they wouldn't be making as much interest. Because everyone didn't have money invested in the national bank, this part of the plan favored the upper class.
ReplyDeleteI agree with Pasha because since Hamilton's plan also consisted of getting out of debt, the upper class had more money, and although people in it might not have wanted to pay these taxes, they were in better shape to do so as opposed to the people in the lower class who struggled to make ends meet.
ReplyDeleteHamilton's plan definitely favored the upper class, but that wasn't his intention. The government handed out bonds to pay the soldiers of the American Revolutionary war. The poor soldiers, who needed money sold them for less than the bonds value to the rich for a quicker payout. Then the rich could benefit while the poor only make a small profit. Also, due to the combination of all the states debt, poor people in states that originally had no debt had to pay large taxes.
ReplyDeleteI agree with Stephanie that the tax on whiskey gave the poor even more to worry about. This tax was introduced to help pay off some of the war bonds.
ReplyDeleteHamilton’s plan primarily favored the upper class. As Revolutionary war veterans returned they were compensated for their duties. However, the wages they received could not be fully earned immediately due to bonds being distributed. Moreover, taxation on whiskey and other imports further increase the financial struggle of the poorer class. In addition, the consolidation of the national debt was at instances unfair for the lower class in the south. The northern states formed 4/5 of the combined national debt; therefore, those individuals whom had paid their debt were once again penalized due to Hamilton’s plan.
ReplyDeleteFurthermore, I completely agree with Nisha and her remark toward the Whiskey Rebellion. This scenario of the lower class expressing their opposition was a clear example how the ideas of Hamilton’s plan only took into consideration the problems of only some of the citizens.
ReplyDeleteI believe that Hamilton's plan was in favor of the upper class. As steph touched on the tax on whiskey put more of a struggle on the lower class then anyone else. That bein their way of trade the lower class would no longer have anything to trade with, which could lead to an up raising within the poor community. As cj said Hamilton's plan only takes into consideration some of the population therefore there needs to be a better more equal agrement for the peples sake.
ReplyDeleteHamilton's plan definitely did favor the upper class in the sense that the poor were not able to benefit from it. His first stage of the financial plan was to call in bonds. The wealthier benefited from this because the poor would sell it for cheap just to have the money. Then, the wealthier owner could cash it into the government or trade it and recieve a lot more than what one had payed to originally get it. The poor were not able to make a lot of money off of this aspect of the financial plan. In the second part of the plan, Hamilton wanted all of the states debts to be combined into one larger national debt. For the poor in a state with little state debt; they lost a lot of money having to pay towards this national debt.
ReplyDeleteI agree with Nisha and her opinion on Hamilton's idea to creating a national bank. She definitely proved a huge argument on why the rich benefitted more than the poor. The bank was a way for citizens to basically gamble with the government by letting them store their money there. The wealthier class is much more likely to put their money in the national bank and risk it than the poor.
ReplyDeleteHamilton's plan overwhelmingly favored wealthy individuals. The whiskey rebellion demonstrated how less modernized areas were not able to keep using the same system they always have and were forced to change which they couldnt always do. Also, the Taxation of Whiskey hurt the lower class. The Bank leaned toward rich citizens as they gambled on the goverment's performance. Which only rich people could do and benefit from. Also Veterans were not able to be compensated due to his bonds usage so they went without pay, which were mostly lower middle class and middle class citizens.
ReplyDelete