Search results
Results from the WOW.Com Content Network
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.
During the American Revolution, the Continental Congress, under the Articles of Confederation, amassed huge war debts but lacked the power to service these obligations by tariffs or other taxation. [9] [10] As an expedient, the revolutionary government resorted to printing money and bills of credit, [3] but that currency rapidly underwent ...
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.
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.
As the revolutionary government lacked an executive branch or a civil service, the committees of Congress handled all government business. [37] Biographer Charles Rappleye writes that the committee "handled its contracts in a clubby, often incestuous manner" that may have unfairly benefited politically connected merchants, including Morris.
In addition to defending the fiscal programs that he had imposed thus far and extolling a system of finance that was "prosperous beyond all expectations", the report enumerated existing sources of revenue, outlined the plan for the "Redemption of the public debt" and its accruing interest to stabilize the current system of funding, and proposed ...
A Basic History of the United States, Volume 2: The Beginning of the Republic 1775-1825 (1984) A Basic History of the United States, Volume 3: The Sections and the Civil War 1826-1877 (1985) A Basic History of the United States, Volume 4: The Growth of America, 1878-1928 (1985)