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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.
Hamilton's success in advancing his fiscal and financial plans [5] moved Madison and Jefferson towards establishing the political foundations for a two-party system. [ 25 ] [ 26 ] Based on a New York - Virginia alliance, [ 27 ] the Democratic-Republican Party would defeat the Federalist Party in the " Revolution of 1800 ."
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.
Jefferson and Madison acquiesced in the passage of "assumption" as an expedient to avoid government bankruptcy and disunion, [100] [101] not because they condoned Hamilton's economic nationalism. [102] Jefferson's "dinner-party" [6] was in fact "the final chapter in an ongoing negotiation that [succeeded] because the ground had already been ...
Hamilton's success in advancing his fiscal and financial schemes [5] moved Madison and Jefferson towards establishing the political foundations for a two-party system. [ 25 ] [ 26 ] Based on a New York-Virginia alliance, [ 27 ] their Democratic-Republican Party would defeat the Federalists in the ”Revolution of 1800” .
Hamilton proposed to pay off the new bonds with revenue from a new tariff on imports. Jefferson originally approved the scheme, but Madison had turned him around by arguing that federal control of debt would consolidate too much power in the national government. Edling points out that after its passage in 1790, the assumption was accepted.
Jefferson promptly resigned as Secretary of State. Historian George Herring notes the "remarkable and fortuitous economic and diplomatic gains" produced by the Jay Treaty. [8] [9] Continuing conflict between Hamilton and Jefferson, especially over foreign policy, led to the formation of the Federalist and Republican parties.
Leading opponents of Alexander Hamilton's economic plan included Thomas Jefferson (until later years) and James Madison, who were opposed to the use of subsidy to industry, along with most of their fledgling Democratic-Republican Party. Instead of bounties they reasoned in favor of high tariffs and restrictions on imports to increase ...