First Report on the Public Credit

Chapter 7 Focus Questions Which points in Hamilton?s economic program were most controversial and why? Hamilton?s first reports to the public credit provoke immediate controversy. The problem with plan is that the least deserving of the reward would gain the most. The original owners of three-fifths of the debt certificates issued by the Continental Congress were Revolutionary patriots, most of whom sold their certificates for a fraction of its worth. Wealthy speculators purchased these certificates and stood to reap huge gains at the expense of the original owners. Hamilton?s report on a national bank was also controversial. Hamilton?s critics feared it was a dangerous scheme that would give a small, elite group special power to influence the government.