Why did Alexander Hamilton support debt repayment? Why did James Madison oppose it?

Alexander Hamilton supported debt repayment, because he had the urge to fix the problem he had faced of national debt. One of his first acts in government was to ask Congress to pass a tariff, or tax on imports, to pay for the government. Hamilton wanted the government to buy up all the bonds issued by both the national and state governments before 1789. He planned to issue new bonds to pay off the old debts. As the economy improved and income from the tariff increased, his plan allowed the government to pay off the new bonds. On the contrary James Madison opposed Alexander Hamilton's plans, because he argued that it would reward speculators, or people who invest in risky ventures in the hope of making large profits. He opposed the other part of Hamilton's plan, because most southern states had paid off their debts from the Revolution.

Hamilton believed this was necessary to establish the United States' credit and promote investment. ... Northern members supported it because their debts were largely unpaid but Southern members, including Madison, opposed it because southern states had paid off a significant portion of their debt.

Explanation:

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