Asked by Lala
What is Jeffersinans position on funding debts, and justification?
His position is that each state should be responsible for its own debt.
But I don't know why, or if that is right.
His position is that each state should be responsible for its own debt.
But I don't know why, or if that is right.
Answers
Answered by
Damon
Well, the states borrowed the money.
HOWEVER I assume that we are talking about Revolutionary War debts. That money went for a purpose, to found a new country. If that country was to succeed, it must take responsibility for the debts incurred in fighting its war. Therefore I would be inclined to say that the entire new nation was responsible for the debts. (Count me in Alexander Hamilton's camp)
HOWEVER I assume that we are talking about Revolutionary War debts. That money went for a purpose, to found a new country. If that country was to succeed, it must take responsibility for the debts incurred in fighting its war. Therefore I would be inclined to say that the entire new nation was responsible for the debts. (Count me in Alexander Hamilton's camp)
Answered by
Lala
Okay, that is your view. but what was jeffersions and why?
Answered by
Ms. Sue
Read about the debate between Hamilton and Jefferson here.
http://en.wikipedia.org/wiki/First_Report_on_the_Public_Credit
http://en.wikipedia.org/wiki/First_Report_on_the_Public_Credit
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