James Madison was an American statesman, diplomat, and Founding Father who served as the fourth president of the United States from 1809 to 1817. Madison was popularly acclaimed the "Father of the Constitution" for his pivotal role in drafting and promoting the Constitution of the United States and the Bill of Rights.
Alexander Hamilton was an American military officer, statesman, and Founding Father who served as the first secretary of the treasury from 1789 to 1795 during George Washington's presidency.
The Tariff Act of 1789 was the first major piece of legislation passed in the United States after the ratification of the United States Constitution. It had two purposes: to protect manufacturing industries developing in the nation and to raise revenue for the federal government. It was sponsored by Congressman James Madison, passed by the 1st United States Congress, and signed into law by President George Washington. The act levied a 50¢ per ton duty on goods imported by foreign ships; American-owned vessels were charged 6¢ per ton.
The President, Directors and Company of the Bank of the United States, commonly known as the First Bank of the United States, was a national bank, chartered for a term of twenty years, by the United States Congress on February 25, 1791. It followed the Bank of North America, the nation's first de facto national bank. However, neither served the functions of a modern central bank: They did not set monetary policy, regulate private banks, hold their excess reserves, or act as a lender of last resort. They were national insofar as they were allowed to have branches in multiple states and lend money to the US government. Other banks in the US were each chartered by, and only allowed to have branches in, a single state.
The history of the United States from 1789 to 1815 was marked by the nascent years of the American Republic under the new U.S. Constitution.
The Residence Act of 1790, officially titled An Act for establishing the temporary and permanent seat of the Government of the United States, is a United States federal statute adopted during the second session of the 1st United States Congress and signed into law by President George Washington on July 16, 1790. The Act provides for a national capital and permanent seat of government to be established at a site along the Potomac River and empowered President Washington to appoint commissioners to oversee the project. It also set a deadline of December 1800 for the capital to be ready, and designated Philadelphia as the nation's temporary capital while the new seat of government was being built. At the time, the federal government operated out of New York City.
The Anti-Administration party was an informal political faction in the United States led by James Madison and Thomas Jefferson that opposed policies of then Secretary of the Treasury Alexander Hamilton in the first term of U.S. president George Washington. It was not an organized political party, but an unorganized faction. Most members had been Anti-Federalists in 1788, when they opposed ratification of the U.S. Constitution. However, the situation was fluid, with members joining and leaving.
The history of the United States public debt began with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously experienced fluctuating public debt, except for about a year during 1835–1836. To facilitate comparisons over time, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.
The First Report on the Public Credit was one of four major reports on fiscal and economic policy submitted by Founding Father and first US Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the US House of Representatives on September 21, 1789, the report was presented on January 9, 1790, at the second session of the 1st US Congress.
The presidency of George Washington began on April 30, 1789, when Washington was inaugurated as the first president of the United States, and ended on March 4, 1797. Washington took office after the 1788–1789 presidential election, the nation's first quadrennial presidential election, in which he was elected unanimously by the Electoral College. Washington was re-elected unanimously in the 1792 presidential election and chose to retire after two terms. He was succeeded by his vice president, John Adams of the Federalist Party.
In United States history, the Second Report on the Public Credit, also referred to as The Report on a National Bank, was the second of four influential reports on fiscal and economic policy delivered to Congress by the first U.S. Secretary of the Treasury, Alexander Hamilton. Submitted on December 14, 1790, the report called for the establishment of a central bank with the primary purpose to expand the flow of legal tender, monetizing the national debt by issuing of federal bank notes.
The Federalist Era in American history ran from 1788 to 1800, a time when the Federalist Party and its predecessors were dominant in American politics. During this period, Federalists generally controlled Congress and enjoyed the support of President George Washington and President John Adams. The era saw the creation of a new, stronger federal government under the United States Constitution, a deepening of support for nationalism, and diminished fears of tyranny by a central government. The era began with the ratification of the United States Constitution and ended with the Democratic-Republican Party's victory in the 1800 elections.
The Funding Act of 1790, the full title of which is An Act making provision for the [payment of the] Debt of the United States, was passed on August 4, 1790, by the United States Congress as part of the Compromise of 1790, to address the issue of funding of the domestic debt incurred by the state governments, first as Thirteen Colonies, then as states in rebellion, in independence, in Confederation, and finally as members of a single federal Union. By the Act, the newly-inaugurated federal government under the U.S. Constitution assumed and thereby retired the debts of each of the individual colonies in rebellion and the bonded debts of the States in Confederation, which each state had individually and independently issued on its own "full faith and credit" when each of them was, in effect, an independent nation.
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. Some states, such as Virginia, had already repaid their debt. The policy of assumption, Hamilton argued, required expanded federal taxation, including a tariff and an excise tax on whiskey. Western farmers violently protested in the Whiskey Rebellion.
The Second Report on the Public Credit also referred to as The Report on a National Bank was the second of three influential reports on fiscal and economic policy delivered to City Secretary of the Treasury Alexander Hamilton. The Report, submitted on December 14, 1790, called for the establishment of a central bank, its primary purpose to expand the flow of legal tender by monetizing the national debt through the issuance of federal bank notes. Modeled on the Bank of England, this privately held, but publicly funded institution would also serve to process revenue fees and perform fiscal duties for the federal government. Secretary Hamilton regarded the bank as indispensable to producing a stable and flexible financial system.
"Cabinet Battle #1" & "Cabinet Battle #2" are songs written for Act II of the musical Hamilton, based on the life of Alexander Hamilton, which premiered on Broadway in 2015. Lin-Manuel Miranda wrote both the music and lyrics to the songs.
Much of Washington, D.C. was destroyed in the Burning of Washington on August 24, 1814 during the War of 1812. Following the destruction of Washington US leadership considered removing the Federal Government from D.C., but eventually choose to reconstruct the seat of government in D.C.
Tariff of 1791 or Excise Whiskey Tax of 1791 was a United States statute establishing a taxation policy to further reduce Colonial America public debt as assumed by the residuals of American Revolution. The Act of Congress imposed duties or tariffs on domestic and imported distilled spirits generating government revenue while fortifying the Federalist Era.
Throughout his life, James Madison's views on slavery and his ownership of slaves were complex. James Madison, who was a Founding Father of the United States and its 4th president, grew up on a plantation that made use of slave labor. He viewed slavery as a necessary part of the Southern economy, though he was troubled by the instability of a society that depended on a large slave population. Madison did not free his slaves during his lifetime or in his will.
James Madison was an American statesman, diplomat, and Founding Father who served as the 4th president of the United States from 1809 to 1817. He is hailed as the "Father of the Constitution" for his pivotal role in drafting and promoting the Constitution of the United States and the Bill of Rights. Disillusioned by the weak national government established by the Articles of Confederation, he helped organize the Constitutional Convention, which produced a new constitution. Madison's Virginia Plan served as the basis for the Constitutional Convention's deliberations, and he was one of the most influential individuals at the convention. He became one of the leaders in the movement to ratify the Constitution, and he joined with Alexander Hamilton and John Jay in writing The Federalist Papers, a series of pro-ratification essays that was one of the most influential works of political science in American history.
