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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. Some ...
The key provision in Hamilton's fiscal reform was termed "assumption" and called for the 13 states to consolidate their outstanding debt of $25 million [68] and to transfer it to the federal government for servicing under a general funding plan. [69] Hamilton's chief objectives were both economic and political.
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 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.
Alexander Hamilton, a portrait by William J. Weaver now housed in the U.S. Department of State. In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term.
Thomas Powys, 2nd Baron Lilford (8 April 1775 – 4 July 1825) was a British peer. He was the son of Thomas Powys, 1st Baron Lilford and Mary Mann of Lilford Hall. He succeeded his father as Baron Lilford in 1800. He was educated at Eton College, St John's College, Cambridge and Lincoln's Inn (1794).
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The Fincastle Resolutions was a statement reportedly adopted on January 20, 1775, by fifteen elected representatives of Fincastle County, Virginia.Part of the political movement that became the American Revolution, the resolutions were addressed to Virginia's delegation at the First Continental Congress, and expressed support for Congress' resistance to the Intolerable Acts, issued in 1774 by ...