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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 ...
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 corporation was granted the legal right to accept payment for these shares at the fixed ratio of two currencies: $1 in gold or silver for every $3 in federal debt bonds, which were issued under the Funding Act of 1790 and bore interest at an annual rate of 6%.
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 made possible the passage of the Residence Act and Funding Act of 1790 in July and August 1790. According to historian Jacob Cooke, it is "generally regarded as one of the most important bargains in American history, ranking just below the better known Missouri Compromise and the Compromise of 1850." [1]
August 4, 1790: Funding Act of 1790, ch. 34, 1 Stat. 138, authorized the "full assumption" of state debts by the federal government. August 4, 1790: Collection of Duties Act, ch.35 , 1 Stat. 145 , among its provisions is Sec. 62, 1 Stat. 175 , authorizing establishment of the Revenue-Marine , since 1915 the United States Coast Guard .
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[2] [3] The Report, submitted on December 14, 1790, [2] [3] called for the establishment of a central bank, its primary purpose to expand the flow of legal tender by monetizing the national debt [4] [5] through the issuance of federal bank notes. [6]