Question

Why did Alexander Hamilton needed to create a financial plan for the new nation

Answer 1

Hamilton wanted to create a new financial plan to help with the National Debt. His idea was to have the government assume the entire debt of the federal government and the states. The plan was to retire the old money that was being used & borrowing new money at a lower interest rate.

Answer 2

There was a huge national debt. He proposed that the government assume the entire debt of the federal government and the states. His plan was to retire the old depreciated obligations by borrowing new money at a lower interest rate.