Search results
Results from the WOW.Com Content Network
Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790.The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip.
The Funding Act of 1790, the full title of which is An Act making provision for the [payment of the] Debt of the United States, was passed on August 4, 1790, by the United States Congress as part of the Compromise of 1790, to address the issue of funding (debt service, repayment, and retirement) of the domestic debt incurred by the state governments, first as Thirteen Colonies, then as states ...
The Compromise of 1790 was a ... The key provision of Secretary Hamilton's First Report on the Public Credit won approval with the passage of the Assumption Act, ...
Hamilton submitted a schedule of excise taxes on December 13, 1790 [111] to augment revenue necessary to service debts assumed from the states. [112] The national debt reached $80 million and required nearly 80% of annual government expenditures. The interest alone on the national debt consumed 40% of the national revenue between 1790 and 1800 ...
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.
July 16 – The signing of the Residence Act establishes a site along the Potomac River as the District of Columbia, the capital district of the United States. [2] July 31 – Inventor Samuel Hopkins becomes the first to be issued a U.S. patent (for an improved method of making potash). August 2 – The first United States Census is taken.
Dec. 27, 1790: Provisions of the Act for the Collection of Duties extended to act of August 10, 1790. An Act supplementary to the act intitled “An act making further provision for the payment of the debts of the United States.” Sess. 3, ch. 1 1 Stat. 188 (chapter 1) 2: Jan. 7, 1791: Unlading of Ships and Vessels in cases of Obstruction by Ice.
The Compromise of 1790 located the national capital in a district to be defined in the South (the District of Columbia), and enabled the federal assumption of state debts. The key role of Secretary of the Treasury was awarded to Washington's wartime aide-de-camp, Alexander Hamilton.