What was Thomas Jefferson's perspective on Hamilton's plan regarding state debt and speculators?

Thomas Jefferson was fundamentally concerned that Alexander Hamilton's plan to address national and state debt would disproportionately benefit speculators—those who had purchased government bonds at decreased values during the economic turmoil following the Revolutionary War. Jefferson believed that this approach would unfairly enrich a small group of wealthy investors at the expense of the general populace, particularly those who had originally held the debt.

He viewed Hamilton's strategy as one that could undermine the financial integrity of the government by creating a system where the interests of speculators took precedence over equitable treatment of common citizens and states that had already paid off their debts. Jefferson’s worry stemmed from a deeper philosophy regarding the role of government and economic fairness, which aimed to protect the interests of agrarian society rather than those of a burgeoning financial elite. This concern drove his opposition and discussions about the necessity of a more balanced and equitable financial system.