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The 40,000-word document [5] called for full federal payment at face value to holders of government securities ("redemption") and the federal government to assume funding of all state debt ("assumption"). [3]
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 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.
Office Open XML (OOXML) format was introduced with Microsoft Office 2007 and became the default format of Microsoft Word ever since. Pertaining file extensions include:.docx – Word document.docm – Word macro-enabled document; same as docx, but may contain macros and scripts.dotx – Word template
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.
Charles Carroll Jr. (1775–1825) (sometimes known as Charles Carroll of Homewood because he oversaw its design and construction), married Harriet Chew (1775–1861) from Philadelphia. Harriet was the daughter of Benjamin Chew , the chief justice of Pennsylvania , and her sister married John Eager Howard , who had served in the Senate with ...
Robert Morris, appointed as superintendent of finance in 1781, won passage of major centralizing reforms such as the partial assumption of state debts, the suspension of payments to military personnel, and the creation of the Bank of North America. Morris emerged as the most powerful individual in the national government, with some referring to ...