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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]
Hamilton, Alexander (December 13, 1790). "Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank), 13 December 1790". Founders Online. U.S. National Archives and Records Administration. Madison, James (February 2, 1791). "The Bank Bill, 2 February 1791". Founders Online. U ...
Hamilton submitted a schedule of excise taxes on December 13, 1790 [111] to augment revenue necessary to service debts assumed from the states. [112] The national debt reached $80 million and required nearly 80% of annual government expenditures. The interest alone on the national debt consumed 40% of the national revenue between 1790 and 1800 ...
The First Bank of the United States was established in Philadelphia, Pennsylvania, while the city served as the national capital, from 1790 to 1800. The bank began operations in Carpenters' Hall in 1791, some 200 feet from its permanent home. Branches opened in Boston, New York, Charleston, and Baltimore in 1792, followed by branches in Norfolk ...
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.
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.
As described by Gresham's law, soon bad money from state banks drove out the new, good money; [9] the government imposed a 10% tax on state bank bills, forcing most banks to convert to national banks. By 1865, there were already 1,500 national banks. In 1870, 1,638 national banks stood against only 325 state banks.
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