Alexander Hamilton was the Treasury Secretary who proposed "The First Report on the Public Credit."
The government was supposed to take on the states' debt. Hamilton thought that if they did this the states would become more respectful and loyal to them. He also wanted to create a national bank to print and circulate paper money.
Thomas Jefferson thought that the states should hold more power than the federal government because they were closer to the people. He believed the national bank exceeded federal authority.
In the end President George Washington and Congress chose to go along with Hamilton's plans and created the Bank of the United States in 1791.
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