In January of 1790, Hamilton submitted a financial plan to Congress in order to help the country with its debt. James Madison, leader of the southern congressmen did not like Madison’s ideas and he blocked approval of the plan. Hamilton sought help Jefferson to help him with his problem. Jefferson arranged dinner with Hamilton, Madison and himself to discuss the issue. However the three men disagreed upon many things. They had different ideas and methods on how to fix the economy, how many people should have economic power, and contributions to society.
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Hamilton believed that for the economy to grow, economic development had to be created and managed. He wanted to collect resources located all around North America and sell them to make a profit. Moving all these resources around would require management at a national level. Both Madison and Jefferson disagreed with Hamilton’s idea. Doing this would cost money and the country would be losing money instead of making a profit. They believed that the economy should recover and grow on its own. Hamilton thought putting economic power in fewer hands was necessary for the economy to grow. Madison believed the power should be dispersed and then checked by different interest groups. Hamilton was convinced that if the power was spread out, money would just be money. If it were concentrated on a only a few people, the money would be worth more. Hamilton had more of an economic way of thinking. Madison, however, saw things in a more political way. Hamilton saw certain people to be contributors to America. These people were those who handled money such as merchants and bankers. Hamilton would use their skill to serve the public interest. Both Madison and Jefferson disagreed with him. These people make no real contribution to American society. They considered land to be a main contributor to capital. Thomas Jefferson, Alexander Hamilton and James Madison all wanted to help their country. They were faced with a massive amount of debt and it was their main priority to fix their economy. While their goal was the same, the way they tried to approached was different. Their methods of fixing the economy was completely opposite of each other. Hamilton’s economic mind set and Madison’s and Jefferson’s political way of thinking contradicted each other. This made it difficult for them to see eye to eye in order to rectify the national debt the country faced.