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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.
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.
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 ...
Hamilton's funding scheme and "redemption" had won relatively quick approval, [76] but "assumption" was stalled by bitter resistance from southern legislators, led by James Madison. [ 77 ] One of the effects of "assumption" would be to distribute the collective debt burden among all the states, the more solvent members paying a share of the ...
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.
This and Madison's other proposals were referred to a committee consisting of one representative from each state. After emerging from committee, the full House debated the issue and, on August 24, 1789, passed it and 16 other articles of amendment. Next, the proposals went to the Senate, which made 26 substantive alterations. On September 9 ...
The Logical Framework Approach was developed in 1969 for the U.S. Agency for International Development (USAID). It is based on a worldwide study by Leon J. Rosenberg, a principal of Fry Consultants Inc. [1] In 1970 and 1971, USAID implemented the method in 30 country assistance programs under the guidance of Practical Concepts Incorporated, founded by Rosenberg.