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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 ...
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.
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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. [56] Hamilton was instrumental in setting up a national administration that would carry out those programs.
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 ...
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.
These three men, through the resources of seven banks and trust companies (Banker's Trust Co., Guaranty Trust Co., Astor Trust Co., National Bank of Commerce, Liberty National Bank, Chase National Bank, Farmer's Loan and Trust Co.) controlled an estimated $2.1 billion.