Hamilton's Arguments in Favor of the Debt and the Bank

Jefferson would have no position against witch to argue had not Hamilton made the argument for the national debt so eloquently and so forcefully. Essentially, Hamilton and Jefferson entirely disagreed on the proper course to put the nation on a prosperous track. The greatest issue was whether the multitudinous colonial debts piled up by the individual colonies during and since the war with England should, in the spirit of e pluribus unum, be taken on by the federal government.

Hamilton postulated that the assumption of these colonies' - now states' - debts was essential to make the nation a credible, operating reality, deserving of trust in seeking credit from other countries. Also, Hamilton felt that "monied men" - those wealthy Americans who had made the loans to the state governments and how had in many instances not been paid yet...
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