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INV-30022.37-.40 & 30022.41 ALEXANDER HAMILTON Each of the four Gazette of the United States, August 7, 14, 21, and 28, 1790, were printed in New York: John Fenno. 4 pp. each. The four parts of Hamiltonís Assumption Plan, as passed by Congress, are included in full only days after each were passed. #30022.37-.40 1790-07-17

“Justice and the support of the public credit require, that provision should be made for fulfilling the engagements of the United States, in respect to their foreign debt, and for funding their domestic debt upon equitable and satisfactory terms.”

Alexander Hamilton understood the necessity of placing the new nation on firm financial ground.

On January 9, 1790, Hamilton delivered to Congress his First Report on Public Credit, a strategy for achieving seven key goals for America’s financial system. One of his primary recommendations was the federal assumption of all states’ war debts, amounting to approximately $22 million in addition to foreign powers who were owed nearly $11 million, and American citizens who had sold food, horses, and supplies to the Army, who held $43 million in debt. Hamilton’s ambitious debt plan aimed to draw both creditors and debtors closer to the federal government by honoring all the Revolutionary War debts in full, paying off the resulting national debt over time from excise taxes and land sales.

Many Southerners opposed Hamilton’s plan, believing it would create a dangerous centralization of power, unfairly penalize the southern states who had already paid off more of their debts, and give the North too much financial control. Ultimately, in a deal between Hamilton, James Madison and Secretary of State Thomas Jefferson, southern legislators agreed to support the Plan in return for locating the permanent national capital (then temporarily in NY) on the banks of the Potomac River.

The Gazette of the United States, the semi-official newspaper of the federal government, published the acts that codified Hamilton’s Assumption Plan in four parts: “An Act Making Provision for the Debt of the United States” (passed Aug. 4, in the Aug. 7 issue); “An Act to Provide more Effectually for the Settlement of the Accounts between the United States and the Individual States” (passed Aug. 5, in the Aug. 14 issue); “An Act Making Further Provision for the Payment of the Debts of the United States” (padded Aug. 10, in the Aug 21 issue); “An Act making Provision for the Reduction of the Public Debt” (passed Aug 12, in the Aug. 28 issue).

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