The Report on the Subject of Manufactures, generally referred to by its shortened title Report on Manufactures, is the third major report, and magnum opus, of American Founding Father and first United States Treasury Secretary Alexander Hamilton. It was presented to the US Congress on December 5, 1791. It laid forth economic principles rooted in both the mercantilist system of Elizabeth I's England and the practices of Jean-Baptiste Colbert of France. The main ideas of the Report would later be incorporated into the "American System" program by US Senator Henry Clay of Kentucky and his Whig Party. Abraham Lincoln, who called himself a "Henry Clay tariff Whig" during his early years, would later make the principles cornerstones, together with his opposition to the institution and the expansion of slavery, of the fledgling Republican Party. Hamilton's ideas would form the basis for the American School of economics. Economic plan Hamilton reasoned that to secure American independence, the United States needed to have a sound policy of encouraging the growth of manufacturing and ensure its future as a permanent feature of the economic system of the nation. He argued these could be achieved by bounties or subsidies to industry, regulation of trade with moderate tariffs (which were intended not to discourage imports but to raise revenue to support American manufacturing by subsidies), and other government encouragement. These policies would not only promote the growth of manufacturing but also provide diversified employment opportunities and promote immigration to the young United States. They would also expand the applications of technology and science for all quarters of the economy, including agriculture. In his report, Hamilton advocated rewarding those bringing "improvements and secrets of extraordinary value” " to the United States. That contributed to making the United States a haven for industrial spies. Tariffs Hamilton reasoned that tariffs issued in moderation would raise revenue to fund the nation. The tariff could also be used to encourage domestic or national manufacturing and growth of the economy by applying the funds raised in part towards subsidies, then called bounties, to manufacturers. Hamilton sought to use the tariff for the following: Protect domestic infant industries until they could achieve economies of scale and be able to compete with more established firms abroad. Raise revenue to pay the expenses of government. Raise revenue to directly support manufacturing through bounties (subsidies). Industrial subsidies Hamilton reasoned that bounties (subsidies) to industry, which