Summary: There has been great debate and conflict over Hamilton's financial assumption plan. Jefferson and Madison opposed Hamilton's plan because they thought it favored the rich, money makers instead of the regular people. The two also formed a partnership and worked together politically. Another issue was the location of the capital. One side wanted the capital to be located on the Potomac, and the other thought that it was an irrational location for the capital. The Dinner is about Jefferson, Madison, and Hamilton arriving to dinner and discussing on a compromise of these issues. The result was that the core of Hamilton's plan would pass, and Hamilton would use his influence to assure that the capital be located on the Potomac.
Thomas Jefferson: Was against the financial plan. Taught Madison in Jeffersonian politics. He was not a very good speaker, but instead excelled in writing. He proposed the dinner to solve the debate over Hamilton's financial plan.
James Madison: Against the financial plan as he thought it was bad for southern economy and that it would disadvantage the people. He thought that the plan would favor the rich, financiers. Also, he believed that the plan would put too much national control on states.
Alexander Hamilton: Formed his financial plan in which the national government would assume state debts and pay them off. He thought that there was no reason to fear the plan, and that it would greatly solve the nation's debt.
James Madison: Against the financial plan as he thought it was bad for southern economy and that it would disadvantage the people. He thought that the plan would favor the rich, financiers. Also, he believed that the plan would put too much national control on states.
Alexander Hamilton: Formed his financial plan in which the national government would assume state debts and pay them off. He thought that there was no reason to fear the plan, and that it would greatly solve the nation's debt.
Vocabulary:
consolidation- conveyed political fear of new government or assumption.
Potomac- symbolic to the Virginians and was urged to be the nation's capital
nascent- newly formed and showing signs of potential.
enshrinement- cherishment of something
agrarian- relating to land. Having a agriculture based economy
consolidation- conveyed political fear of new government or assumption.
Potomac- symbolic to the Virginians and was urged to be the nation's capital
nascent- newly formed and showing signs of potential.
enshrinement- cherishment of something
agrarian- relating to land. Having a agriculture based economy
Timeline:
1. Hamilton proposes his financial plan.
2. Jefferson, Madison, and particularly Virginians were outraged by the assumption plan and opposed it.
3. Madison, worried about the future of the nation, spoke against the financial plan and led opposition against it.
4. Hamilton wrote the Report on the Public Credit in which he states his economic vision and plan.
5. Thomas Jefferson returns and form a partnership with Madison.
6. Debate over the location of capital. Madison almost gave up hope on the Potomac, giving way to the idea of a bargain.
7. All three men participated The Dinner and discussed the issues and form a compromise.
8. Decided on a compromise that the core of Hamilton's plan will pass, but the Capital will be placed on the Potomac.
9. The compromise did go into effect, with assumption approved and location of capital on Potomac.
10. A group, led by Patrick Henry, went against assumption and pushed a resolution through Virginian legislatures.
11. The compromise showed the different beliefs and delayed the issues from breaking apart the new government.
1. Hamilton proposes his financial plan.
2. Jefferson, Madison, and particularly Virginians were outraged by the assumption plan and opposed it.
3. Madison, worried about the future of the nation, spoke against the financial plan and led opposition against it.
4. Hamilton wrote the Report on the Public Credit in which he states his economic vision and plan.
5. Thomas Jefferson returns and form a partnership with Madison.
6. Debate over the location of capital. Madison almost gave up hope on the Potomac, giving way to the idea of a bargain.
7. All three men participated The Dinner and discussed the issues and form a compromise.
8. Decided on a compromise that the core of Hamilton's plan will pass, but the Capital will be placed on the Potomac.
9. The compromise did go into effect, with assumption approved and location of capital on Potomac.
10. A group, led by Patrick Henry, went against assumption and pushed a resolution through Virginian legislatures.
11. The compromise showed the different beliefs and delayed the issues from breaking apart the new government.