Hamilton realized that the basis of [[British]] power was its system of centralized [[tax]] collection and its funded [[national debt]] together with its sophisticated [[banking]] structure and its open market in public securities. For a state to wage [[war]] successfully, it had to tax efficiently and borrow cheaply -- to become a powerful nation, America had to follow the British financial example. Hamilton's conclusion horrified [[Thomas Jefferson]] and his followers -- they saw a deliberate adoption of British methods as an evil corruption -- a betrayal of the values of [[Republicanism]] inherent in the [[American Revolution]]. | Hamilton realized that the basis of [[British]] power was its system of centralized [[tax]] collection and its funded [[national debt]] together with its sophisticated [[banking]] structure and its open market in public securities. For a state to wage [[war]] successfully, it had to tax efficiently and borrow cheaply -- to become a powerful nation, America had to follow the British financial example. Hamilton's conclusion horrified [[Thomas Jefferson]] and his followers -- they saw a deliberate adoption of British methods as an evil corruption -- a betrayal of the values of [[Republicanism]] inherent in the [[American Revolution]]. |