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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 ...
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.
Hamilton's "assumption" promised to obviate those conflicts. [72] Politically, Hamilton sought to "tie the creditors to the new [central] government" [73] by linking their financial fortunes to the success of his economic nationalism. [74] That would, in turn, gradually cause a decline in state authority and a relative increase in federal ...
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.
Ellis H. Roberts, Government Revenue, especially the American System, an argument for industrial freedom against the fallacies of free trade (Boston, 1884) J. P. Young, Protection and Progress: a Study of the Economic Bases of the American Protective System (Chicago, 1900) Clay, Henry. The Papers of Henry Clay, 1797–1852. Edited by James Hopkins
Morris soon emerged as the key economic official in the country and became a leader of the Nationalist faction, an informal group of American leaders who favored a stronger national government. [76] He also had effective control over foreign affairs until Robert R. Livingston was appointed as Secretary of Foreign Affairs later in the year. [ 77 ]
A seven-dollar banknote issued by the Second Continental Congress in 1775. As the war went on, however, America's economic prosperity began to fall. British warships began to prey on American shipping, and the increasing upkeep costs of the Continental Army meant that wealth from merchant ships decreased.