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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.
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 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.
Hamilton's success in advancing his fiscal and financial plans [5] moved Madison and Jefferson towards establishing the political foundations for a two-party system. [ 25 ] [ 26 ] Based on a New York - Virginia alliance, [ 27 ] the Democratic-Republican Party would defeat the Federalist Party in the " Revolution of 1800 ."
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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.
Dec. 7—CAPE VINCENT — On the last day of July in 1926, a party of about 50 explorers landed at Carleton Island in search of historic lore. After disembarking from a scow, they "walked over the ...
Hamilton's conclusion included two philosophical questions, both of which had far reaching implications on the idea of public credit. In essence, did a government have the right to tax its own funds, and did the government have a right to sequester or confiscate the funds of a foreign creditor in the event of a disagreement or war with that ...