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Second Report On Public Credit
The Second Report on the Public Credit, also referred to as The Report on a National Bank,Malone, 1960, p. 259 was the second of four influential reports on fiscal and economic policy delivered to the US Congress by the US Secretary of the Treasury, Alexander Hamilton.Staloff, 2005, p. 91 Submitted on December 14, 1790, the report called for the establishment of a central bank with the primary purpose to expand the flow of legal tender, monetizing the national debtMalone, 1960, p. 262 by issuing of federal bank notes.Miller, 1960, p. 53 Modeled on the Bank of England, the privately held but publicly funded institution would also serve to process revenue fees and to perform fiscal duties for the federal government.Staloff, 2005, p. 97 Hamilton regarded the bank as indispensable to produce a stable and flexible financial system.Brock, 1957, p. 44 The ease with which Federalists advanced legislation to incorporate the bank impelled agrarian opposition that was hostile to Hamilton's e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Policy
In economics and political science, fiscal policy is the use of government revenue collection ( taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation (which is considered "healthy" at the level in the range 2%–3%) and to increase employment. Additionally, it is designed to try t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
US House Of Representatives
The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the lower chamber of the United States Congress, with the Senate being the upper chamber. Together they comprise the national bicameral legislature of the United States. The House's composition was established by Article One of the United States Constitution. The House is composed of representatives who, pursuant to the Uniform Congressional District Act, sit in single member congressional districts allocated to each state on a basis of population as measured by the United States Census, with each district having one representative, provided that each state is entitled to at least one. Since its inception in 1789, all representatives have been directly elected, although universal suffrage did not come to effect until after the passage of the 19th Amendment and the Civil Rights Movement. Since 1913, the number of voting representatives has ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debt Limit
A debt limit or debt ceiling is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Several countries have debt limitation restrictions. Description A debt limit is a legislative mechanism restricting the total amount that a country can borrow or how much debt it can be permitted to take on. Usually this is measured as percentage of GDP. Use Several countries have debt limitation laws in place, including the United States debt ceiling. Poland is the only nation with a constitutional limit on public debt, set at 60% of GDP; by law, a budget cannot pass with a breach in place. Between 2007 and 2013, Australia had debt ceiling, which limited how much the Australian government could borrow. The debt ceiling was contained in section 5(1) of the ''Commonwealth Inscribed Stock Act 1911'' until its repeal on 10 December 2013. The statutory limit was created in 2007 by the Rudd Government and set at $75&nb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1800 United States Presidential Election
The 1800 United States presidential election was the fourth quadrennial presidential election. It was held from October 31 to December 3, 1800. In what is sometimes called the "Revolution of 1800", Vice President Thomas Jefferson of the Democratic-Republican Party defeated incumbent president John Adams of the Federalist Party. The election was a political realignment that ushered in a generation of Democratic-Republican leadership. Adams had narrowly defeated Jefferson in the 1796 election. Under the rules of the electoral system in place before the 1804 ratification of the 12th Amendment, each member of the Electoral College cast two votes, with no distinction made between electoral votes for president and electoral votes for vice president. As Jefferson received the second-most votes in 1796, he was elected vice president. In 1800, unlike in 1796, both parties formally nominated tickets. The Democratic-Republicans nominated a ticket consisting of Jefferson and Aaron Burr, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Democratic-Republican Party
The Democratic-Republican Party, known at the time as the Republican Party and also referred to as the Jeffersonian Republican Party among other names, was an American political party founded by Thomas Jefferson and James Madison in the early 1790s that championed republicanism, agrarianism, political equality, and expansionism. The party became increasingly dominant after the 1800 elections as the opposing Federalist Party collapsed. The Democratic-Republicans splintered during the 1824 presidential election. The majority faction of the Democratic-Republicans eventually coalesced into the modern Democratic Party, while the minority faction ultimately formed the core of what became the Whig Party. The Democratic-Republican Party originated as a faction in Congress that opposed the centralizing policies of Alexander Hamilton, who served as Secretary of the Treasury under President George Washington. The Democratic-Republicans and the opposing Federalist Party each becam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Virginia
Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the East Coast of the United States, Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth (U.S. state), Commonwealth are shaped by the Blue Ridge Mountains and the Chesapeake Bay, which provide habitat for much of its flora and fauna. The capital of the Commonwealth is Richmond, Virginia, Richmond; Virginia Beach, Virginia, Virginia Beach is the most-populous city, and Fairfax County, Virginia, Fairfax County is the most-populous political subdivision. The Commonwealth's population was over 8.65million, with 36% of them living in the Baltimore–Washington metropolitan area. The area's history begins with Native American tribes in Virginia, several indigenous groups, including the Powhatan. In 1607, the London Company established the Colony of Virginia as the first permanent English overseas posse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York State
New York, officially the State of New York, is a U.S. state, state in the Northeastern United States. It is often called New York State to distinguish it from its largest city, New York City. With a total area of , New York is the List of U.S. states and territories by area, 27th-largest U.S. state by area. With 20.2 million people, it is the List of states and territories of the United States by population, fourth-most-populous state in the United States as of 2021, with approximately 44% living in New York City, including 25% of the state's population within Brooklyn and Queens, and another 15% on the remainder of Long Island, the most populous island in the United States. The state is bordered by New Jersey and Pennsylvania to the south, and Connecticut, Massachusetts, and Vermont to the east; it has a maritime border with Rhode Island, east of Long Island, as well as an Canada–United States border, international border with the Canadian provinces of Quebec to the north and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Two-party System
A two-party system is a political party system in which two major political parties consistently dominate the political landscape. At any point in time, one of the two parties typically holds a majority in the legislature and is usually referred to as the ''majority'' or ''governing party'' while the other is the ''minority'' or ''opposition party''. Around the world, the term has different meanings. For example, in the United States, the Bahamas, Jamaica, United Kingdom and Zimbabwe, the sense of ''two-party system'' describes an arrangement in which all or nearly all elected officials belong to either of the two major parties, and third parties rarely win any seats in the legislature. In such arrangements, two-party systems are thought to result from several factors, like "winner takes all" or "first past the post" election systems.Regis PublishingThe US System: Winner Takes All Accessed August 12, 2013, "...Winner-take-all rules trigger a cycle that leads to and stren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Implied Powers
In the United States, implied powers are powers that, although not directly stated in the Constitution, are implied to be available based on previously stated powers. History When George Washington asked Alexander Hamilton to defend the constitutionality of the First Bank of the United States against the protests of Thomas Jefferson, James Madison, and Attorney General Edmund Randolph, Hamilton produced what has now become the doctrine of implied powers. Hamilton argued that the sovereign duties of a government implied the right to use means adequate to its ends. Although the United States government was sovereign only as to certain objects, it was impossible to define all the means it should use, because it was impossible for the founders to anticipate all future exigencies. Hamilton noted that the "general welfare clause" and the "necessary and proper clause" gave elasticity to the Constitution. Hamilton won the argument and Washington signed the bank bill into law. Another in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
States' Rights
In American political discourse, states' rights are political powers held for the state governments rather than the federal government according to the United States Constitution, reflecting especially the enumerated powers of Congress and the Tenth Amendment. The enumerated powers that are listed in the Constitution include exclusive federal powers, as well as concurrent powers that are shared with the states, and all of those powers are contrasted with the reserved powers—also called states' rights—that only the states possess. Background The balance of federal powers and those powers held by the states as defined in the Supremacy Clause of the U.S. Constitution was first addressed in the case of ''McCulloch v. Maryland'' (1819). The Court's decision by Chief Justice John Marshall asserted that the laws adopted by the federal government, when exercising its constitutional powers, are generally paramount over any conflicting laws adopted by state governments. Afte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tenth Amendment To The United States Constitution
The Tenth Amendment (Amendment X) to the United States Constitution, a part of the Bill of Rights, was ratified on December 15, 1791. It expresses the principle of federalism, also known as states' rights, by stating that the federal government has only those powers delegated to it by the Constitution, and that all other powers not forbidden to the states by the Constitution are reserved to each state. The amendment was proposed by the 1st United States Congress in 1789 during its first term following the adoption of the Constitution. It was considered by many members as a prerequisite before they would ratify the Constitution, and particularly to satisfy demands of Anti-Federalists, who opposed the creation of a stronger federal government. The purpose of this amendment is to clarify how the federal government's powers should be interpreted and to reaffirm the nature of federalism. Justices and commentators have publicly wondered whether the Tenth Amendment retains any le ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Enumerated Powers
The enumerated powers (also called expressed powers, explicit powers or delegated powers) of the United States Congress are the powers granted to the federal government of the United States by the United States Constitution. Most of these powers are listed in Article I, Section 8. In summary, Congress may exercise the powers that the Constitution grants it, subject to the individual rights listed in the Bill of Rights. Moreover, the Constitution expresses various other limitations on Congress, such as the one expressed by the Tenth Amendment: "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." Historically, Congress and the Supreme Court have broadly interpreted the enumerated powers, especially by deriving many implied powers from them. The enumerated powers listed in Article One include both exclusive federal powers, as well as concurrent powers that are shared with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
