3/18/15

Lesson#58

AIM: Why was paying the national debt so important?

DO NOW: Describe what you think credit is.

Students will then read pages 28-29 in The New Nation and Answer the following questions.

1)      According to the author what makes an economy work?

2)      How do governments borrow money?

3)      How did Hamilton feel about paying the national debt? Why?

4)      How did Jefferson and Madison feel? Why?

I)                   Repaying the National debt

a)      As a result of the revolutionary war the United States owed a total of $66 Million dollars to investors and foreign countries.

b)      During the period of the articles of confederation the government was unable to pay this debt. As a result the credit of the U.S was ruined and other countries refused to lend money to the U.S.

c)      Alexander Hamilton proposed that the New U.S Government repay all of the debt. Thomas Jefferson and James Madison disagreed. This led to the birth of political parties in the U.S

Homework: Read pages 238-242, do the vocabulary words and also do questions 1-3 on page 242.