How was the Hamilton plan debated in Congress
The Hamilton plan, also known as the Report on the Public Credit, was debated in Congress in the late 18th century. The plan was proposed by Alexander Hamilton, the first Secretary of the Treasury, in order to address the financial debt of the United States after the Revolutionary War.
The plan called for the federal government to assume the debts incurred by the states during the war. This would involve issuing new bonds to replace the old ones and establishing a system for paying off the interest and principal on these bonds. Hamilton believed that assuming the state debts would strengthen the federal government and establish its creditworthiness.
The plan faced significant opposition from several members of Congress, especially those from states that had already paid off their debts. They argued that it was unfair for their states to be burdened with the debts of other states. These opponents also feared that the plan would create a centralized power that could potentially threaten the rights of the states.
There were also concerns about the impact of assuming the state debts on individual bondholders. Some argued that it would reward speculators who had purchased the bonds at discounted rates, while others who had sold their bonds at face value would receive less compensation.
The debate over the Hamilton plan was intense and often contentious. Many compromises and modifications were made to the original proposal in order to gain support from different factions in Congress. Ultimately, the plan was approved, with the understanding that the federal government would also assume the Revolutionary War debts of the individual states.
The Hamilton plan was a significant moment in American history as it set a precedent for federal assumption of state debts and helped establish the creditworthiness of the United States. It also widened the divide between Federalists and Anti-Federalists, further contributing to the political polarization of the time.
A train with some passengers reached Station A and 8 more people boarded the train. At Station B, 2/5 of the passengers alighted. Then at Station C, 2/3 of the passengers alighted and 3 people boarded the train. There were 17 people in the train when it left Station C. How many passengers were there in the train at the start?
Let's denote the number of passengers in the train at the start as "x".
After 8 people boarded at Station A, the total number of passengers became x + 8.
At Station B, 2/5 of the passengers alighted, leaving 3/5 of the (x + 8) passengers on the train.
Therefore, (3/5)(x + 8) passengers were left on the train after Station B.
At Station C, 2/3 of the remaining passengers alighted, leaving 1/3 of the (3/5)(x + 8) passengers on the train.
Additionally, 3 people boarded the train at Station C, bringing the total to 17 passengers.
Thus, we can set up the equation:
(1/3)(3/5)(x + 8) + 3 = 17
Simplifying the equation, we have:
(x + 8)/5 + 3 = 17
Multiply both sides of the equation by 5 to remove the denominator:
x + 8 + 15 = 85
Combine like terms:
x + 23 = 85
Subtract 23 from both sides of the equation:
x = 62
Therefore, there were 62 passengers in the train at the start.