Government Vocabulary Chapter 8 Lesson 1
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Questions and Answers

What is the inauguration?

Ceremony in which the President officially takes the oath of office.

What is a precedent?

Example to be followed by others in the future.

What is a bond?

Certificate issued by a government for a certain amount of money that the government promises to pay back with interest.

Who is a speculator?

<p>Person who invests in a risky venture in the hope of making a large profit.</p> Signup and view all the answers

What does unconstitutional mean?

<p>Contrary to what is permitted by the U.S. Constitution.</p> Signup and view all the answers

What is a tariff?

<p>Tax placed on goods entering a country from another country.</p> Signup and view all the answers

What were the new executive departments?

<p>Treasury, State, and War.</p> Signup and view all the answers

Why was there such a large public debt?

<p>When people tried to collect their bonds, they could not get them, so other people would pay for them for some of the money.</p> Signup and view all the answers

What were the parts of Hamilton's financial plan?

<ol> <li>The U.S. government would fully assume all federal and state debts. 2) The U.S. government would charter a national bank for depositing government funds. 3) The government would impose a high tax on goods imported into the country.</li> </ol> Signup and view all the answers

How did Congress respond to Hamilton's financial plan?

<p>They argued about it.</p> Signup and view all the answers

Which part of the plan did Congress not pass?

<p>The third part, which was to put taxes on imported goods.</p> Signup and view all the answers

What is the Whiskey Rebellion?

<p>A rebellion in which farmers refused to pay taxes on whiskey and burned down the tax collector's house.</p> Signup and view all the answers

They did tax one thing, but what was it?

<p>Whiskey.</p> Signup and view all the answers

Study Notes

Key Terms

  • Inauguration: Ceremony marking the official start of the President's term with the administration of the oath of office.

  • Precedent: Sets an example for future actions or decisions to be followed.

  • Bond: A government-issued certificate that promises repayment of a specified sum with interest.

  • Speculator: An investor who engages in high-risk ventures with the anticipation of substantial profits.

  • Unconstitutional: Actions or laws that violate the U.S. Constitution.

  • Tariff: A tax imposed on imported goods entering a country.

Government Structure

  • New Executive Departments: Established departments include Treasury, State, and War, essential for managing government affairs and operations.

Financial Challenges

  • Public Debt: Significant debt arose because bondholders could not collect payments, leading to defaults and secondary payments by others.

Hamilton's Financial Plan

  • Key Elements:
    • Assumption of all federal and state debts by the U.S. government.
    • Establishment of a national bank for secure government funds.
    • Proposal for high tariffs on imported goods to raise revenue.

Congressional Response

  • Debate on Financial Plan: Congress engaged in intense discussions regarding Hamilton's proposals, reflecting differing views on fiscal policy.

  • Tariff Proposal Rejection: The proposed tax on imports was not approved by Congress, showcasing the limitations of Hamilton's financial strategies.

Social Unrest

  • Whiskey Rebellion: A revolt by farmers protesting against the tax on whiskey, highlighting the tensions between rural citizens and federal authority. The rebellion included violent actions such as the burning of a tax collector's house.

  • Taxation: The only product taxed under this plan was whiskey, emphasizing the government's focus on liquor taxation as a revenue source.

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Description

Test your knowledge of key government terms with our flashcards for Chapter 8, Lesson 1. This quiz covers essential words like 'inauguration,' 'precedent,' and 'bond' that are crucial in understanding government processes and concepts.

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