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Excerpt from a letter by Roger Sherman, 1790
The assumption of the debts of the several states incurred for the common defense during the late war, is now under consideration. The Secretary of the Treasury has been directed to report what funds can be provided for them in case they should be assumed. His report is contained in one of the enclosed papers. He supposed that sufficient provision may be made for the whole debt, without resorting to direct taxation, if so I think it must be an advantage to all the states, as well as to the creditors. Some have suggested that it will tend to increase the power of the federal government & lessen the importance of the state governments, but I don't see how it can operate in that manner, the constitutions are so framed that the government of the United States & those of the particular states are friendly, & not hostile, to each other, their jurisdictions being distinct, & respecting different objects, & both standing upon the broad basis of the people, will act for their benefit in their respective spheres without any interference. And the more strength each have to attain the ends of their Institutions the better for both, and for the people at large.
Use the excerpt to answer the question.
What aspect of Alexander Hamilton’s economic plan for the United States does the letter describe?
A.
Hamilton wanted to invest federal funds in national development projects.
B.
Hamilton wanted to raise taxes to pay for a new capital on the Potomac River.
C.
Hamilton wanted to establish a Bank of the United States to regulate finances.
D.
Hamilton wanted the federal government to take on the war debt of the states.
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answered1 year ago