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— Alexander Hamilton, December 1790 report to George Washington Proposal According to the plan put before the first session of the First Congress in 1790, Hamilton proposed establishing the initial funding for the First Bank of the United States through the sale of $10 million in stock of which the United States government would purchase the first $2 million in shares. Hamilton, foreseeing ...
The Second Report on the Public Credit[ 1 ] also referred to as The Report on a National Bank[ 2 ] was the second of three influential reports on fiscal and economic policy delivered to City Secretary of the Treasury Alexander Hamilton. [ 2 ][ 3 ] The Report, submitted on December 14, 1790, [ 2 ][ 3 ] called for the establishment of a central ...
In 1791, former Morris aide and chief advocate for Northern mercantile interests, Alexander Hamilton, the Secretary of the Treasury, accepted a compromise with the Southern lawmakers to ensure the continuation of Morris's Bank project; in exchange for support by the South for a national bank, Hamilton agreed to ensure sufficient support to have the national or federal capitol moved from its ...
In United States history, the Second Report on the Public Credit, [1] also referred to as The Report on a National Bank, [2] was the second of four influential reports on fiscal and economic policy delivered to Congress by the first U.S. Secretary of the Treasury, Alexander Hamilton. [2] [3] Submitted on December 14, 1790, [2] [3] the report ...
The First Report on the Public Credit was one of four major reports on fiscal and economic policy submitted by Founding Father and first US Treasury Secretary Alexander Hamilton on the request of Congress. [1] The report analyzed the financial standing of the United States and made recommendations to reorganize the national debt and to ...
Alexander Hamilton (January 11, 1755, or 1757 [ a ] – July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first U.S. secretary of the treasury from 1789 to 1795 during George Washington's presidency. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a ...
The Compromise of 1790 was a compromise among Alexander Hamilton, Thomas Jefferson, and James Madison, where Hamilton won the decision for the national government to take over and pay the state debts, and Jefferson and Madison obtained the national capital, called the District of Columbia, for the South. This agreement resolved the deadlock in ...
The First Bank of the United States was established at the direction of Treasury Secretary Alexander Hamilton in 1791. Hamilton supported the foundation of a national bank because he believed that it would increase the authority and influence of the federal government, effectively manage trade and commerce, strengthen the national defense, and pay the debt.