Question

Which of the following were not part of Hamilton's financial program?
A. The establishment of the capital of the United States in Washington, D.C.
B. The funding of the domestic and foreign debt of the United States
C. The assumption of state debt
D. The levying of excise taxes and tariffs

Answer 1

Hint: George Washington became the first president of the United States in 1789 and appointed Hamilton as the first secretary of the US treasury in the aftermath of ratification. Hamilton expanded his interpretations of the constitution to defend a series of proposed economic policies.

Complete answer: The US government was facing the economic problem. Alexander Hamilton designed the financial system that made the US the best credit risk in the Western world. Hamilton in 1789 introduced the system to access the public debt, a situation which strengthened the government credit. Within the next two years he submitted 5 influential reports describing his economic vision for the US:
-He presented reports named as the first and second report on the public credit. Under the first report, he introduced the assumption of state debt. According to this, the national government assumed the responsibility of paying the depths of all the 13 States as well as of the national government.
-Operations of the act relating to duties on imports that are levying excises, taxes and tariffs. He drafted an elaborate system of tariffs duties and excises on different products such as Whiskey. Under this, he also drafted the proposal for the US mint to encourage the development of American manufacturing.
Therefore Hamilton's financial program included the funding of the domestic and foreign depth of the United States, the assumption of state debt and the levying of excise, taxes and tariffs.
Hence, the correct answer is option-A, as it was not a part of the program.

Note: In the second report on public credit he wanted to create a bank of the United States. A National Bank that would collect taxes, make loans and hold government funds. However, both the first and second report on public credit was opposed by the governments on different grounds.