Five Paragraph EssayMarch 2001 Taking an oath of office on the balcony of Federal Hall must have been quite an honor for thefirst president of the United States.George Washington was elected president on April 30th, 1789.This newly established position presented many challenges for him. His new position of authority alienated many politicians and even caused him to loose some friends.He approached politics, people and financial management in a very business-like manner.Washington's strong will helped in the formation of the executive authority of the president in the United States government, and helped establish monetary policies. The Constitution said that the President should see the "advice and consent" of the senate.
However, Washington successfully actedfirst and then sought out the consent of the senate, which in return strengthened the power of the executive authority.A cabinet was designed, consisting of the Department of State, Department of War and Department of Treasury, to act as an advisory body for the President. John Adams was elected as the Vice President to give geographical balance to the administration. This distribution of power formed a very strong executive branch.
The government needed to pay its debts and find a source of income. Debts were owed to France and Holland and debts were also owed as a result of the Revolutionary War. The state and national debts together were known as public debt. Most people did not understand the system of banking or how it worked and therefore did not have much of an understanding for the public debt.Among those people was Washington himself.Because of this, Washington depended greatly on his Secretary of Treasury, Alexander Hamilton.
The idea of circulating money, or using money to make money was designed to create more activity in the economy.Paying interest on all bonds and all state debts was what caused conflict between the…