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Mar 13, 2020 · On September 11, 1789, the Senate confirmed President George Washington’s appointment of Alexander Hamilton as Secretary of the Treasury. Hamilton wasted no time and worked all weekend to address immediate financial concerns and spent the next few years formulating the financial policies to engage in nation-building for the new republic. As one of the primary authors of the Federalist and as ...
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Keep in mind these men were on opposing ends of the political spectrum. Hamilton, a Federalist, wanted the Federal Government to hold the bulk of the political and economic power; Madison and Jefferson, Republicans, wanted that power to remain with the states.
Nonetheless, the three men met to discuss a prolonged deadlock in Congress, and this meeting was a pivotal turning point in what is known as the Compromise of 1790. This may be one of the earliest examples of legislative log rolling, or voting trading in Congress. Although there is no dispute that this meeting took place, historians have been skept...
Back in January 1790, Hamilton had given his First Report on Public Credit to Congress. One of the most contentious issues in the report was Hamiltons recommendation that the Federal Government assume the states substantial Revolutionary War debts.
Hamilton believed this was necessary to establish the United States credit and promote investment. Furthermore, the debt rested in the hands of a small number of wealthy citizens. Hamilton knew these men would take a keen interest in the success of a country that owed them money.
The assumption issue had been debated in Congress for months. Northern members supported it because their debts were largely unpaid but Southern members, including Madison, opposed it because southern states had paid off a significant portion of their debt.
At the same time, Congress had been at a standstill over the location of the permanent capital. Although the Constitution mandated a seat of the Federal Government, it had not specified an exact location. Congress, over the course of its first year, had considered more than a dozen potential locations.
Nonetheless, Congress passed the Residence Act in July, establishing the permanent capital in what would become Washington, DC. And the next month, Congress passed the Funding Act, which included the assumption of states debt.
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Thus was born the Compromise of 1790, one of the most significant deals in U.S. political history. Madison still opposed Hamilton’s plan, but he and Jefferson would ensure that other members of their coalition relented on this issue. Virginia was credited with having paid its war debts.
taxation and loss of paper money motivated many Anti-Federalists. Heideking, Constitution, 249-50. Bouton, Taming Democracy, 188-92. Main concluded that Anti-Federalists were silent because they were divided. Main, Anti-federalists, 267-78. Other explanations rely on perceptions of paper money or the rise of
Describe the competing visions of the Federalists and the Democratic-Republicans. Identify the protections granted to citizens under the Bill of Rights. Explain Alexander Hamilton’s financial programs as secretary of the treasury. In June 1788, New Hampshire became the ninth state to ratify the federal Constitution, and the new plan for a ...
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May 11, 2018 · Anti-Federalists frequently argued that this phrase would allow the national government to formulate any law it wished, including ones that would be harmful and unrepresentative. Additionally, the Constitution contained a "supremacy clause" in Article VI that recognized the national government as the final arbiter of its disputes with the states.
May 17, 2024 · The national debt of the United States started in part to pay for the expenses of the Revolutionary War. Money had been borrowed, especially from the Netherlands to pay for the war. By 1783 the debt was 43 million dollars or a little less than a billion in 2014 dollars.
