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Alexander Hamilton utilized strategies like focusing on wealthier citizens' investments and establishing the Bank of the United States to increase federal revenue and manage the inherited debt efficiently.
Alexander Hamilton, as the Secretary of the Treasury, implemented various measures to increase federal revenue when there was no income tax in place. One significant step he took was based on the British model, where he focused on the wealthier citizens holding securities and using tax revenues to pay interest, encouraging their investment in the government. Additionally, Hamilton championed the creation of the Bank of the United States to foster economic development, circulate money, and provide loans to the government, despite opposition from Thomas Jefferson.
Another crucial aspect was Hamilton dealing with the debt inherited from the efforts to gain independence. He worked on restructuring and consolidating the debt through various financial mechanisms, enabling the government to manage its financial obligations more effectively.
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