Alexander Hamilton was an American revolutionary, statesman and Founding Father of the United States. He was an influential interpreter and promoter of the U.S. Constitution, and was the founder of the Federalist Party, the nation's financial system, the United States Coast Guard, and the New York Post newspaper. As the first secretary of the treasury, Hamilton was the main author of the economic policies of the administration of President George Washington. He took the lead in the federal government's funding of the states' American Revolutionary War debts, as well as establishing the nation's first two de facto central banks, a system of tariffs, and the resumption of friendly trade relations with Britain. His vision included a strong central government led by a vigorous executive branch, a strong commercial economy, support for manufacturing, and a strong national defense.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and coins, while the treasury executes its circulation in the domestic fiscal system. The USDT collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
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 Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund are trust funds that provide for payment of Social Security benefits administered by the United States Social Security Administration.
The 1st United States Congress, comprising the United States Senate and the United States House of Representatives, met from March 4, 1789, to March 4, 1791, during the first two years of George Washington's presidency, first at Federal Hall in New York City and later at Congress Hall in Philadelphia. With the initial meeting of the First Congress, the United States federal government officially began operations under the new frame of government established by the 1787 Constitution. The apportionment of seats in the House of Representatives was based on the provisions of Article I, Section 2, Clause 3 of the Constitution. Both chambers had a Pro-Administration majority. Twelve articles of amendment to the Constitution were passed by this Congress and sent to the states for ratification; the ten ratified as additions to the Constitution on December 15, 1791, are collectively known as the Bill of Rights, with an additional amendment ratified more than two centuries later to become the Twenty-seventh Amendment to the United States Constitution.
Robert Morris, Jr. was an English-born merchant and a Founding Father of the United States. He served as a member of the Pennsylvania legislature, the Second Continental Congress, and the United States Senate, and he was a signer of the Declaration of Independence, the Articles of Confederation, and the United States Constitution. From 1781 to 1784, he served as the Superintendent of Finance of the United States, becoming known as the "Financier of the Revolution." Along with Alexander Hamilton and Albert Gallatin, he is widely regarded as one of the founders of the financial system of the United States.
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 First 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 was operating out of New York City.
The Compromise of 1790 was a compromise between 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 for the South. This agreement resolved the deadlock in Congress. Southerners had been blocking the assumption of state debts by the treasury, thereby destroying the Hamiltonian program for building a fiscally strong federal government. Northerners rejected the proposal, much desired by Virginians, to locate the permanent national capital on the Virginia–Maryland border.
The history of the United States public debt started 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 had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, 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 Legal Tender Cases were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were Knox v. Lee and Parker v. Davis.
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 the US Congress by the US 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 Confederation period was the era of United States history in the 1780s after the American Revolution and prior to the ratification of the United States Constitution. In 1781, the United States ratified the Articles of Confederation and Perpetual Union and prevailed in the Battle of Yorktown, the last major land battle between British and American Continental forces in the American Revolutionary War. American independence was confirmed with the 1783 signing of the Treaty of Paris. The fledgling United States faced several challenges, many of which stemmed from the lack of a strong national government and unified political culture. The period ended in 1789 following the ratification of the United States Constitution, which established a new, more powerful, national government.
The Panic of 1792 was a financial credit crisis that occurred during the months of March and April 1792, precipitated by the expansion of credit by the newly formed Bank of the United States as well as by rampant speculation on the part of William Duer, Alexander Macomb, and other prominent bankers. Duer, Macomb, and their colleagues attempted to drive up prices of US debt securities and bank stocks, but when they defaulted on loans, prices fell, causing a bank run. Simultaneous tightening of credit by the Bank of the United States served to heighten the initial panic. Secretary of the Treasury Alexander Hamilton was able to deftly manage the crisis by providing banks across the Northeast United States with hundreds of thousands of dollars to make open-market purchases of securities, which allowed the market to stabilize by May 1792.
The Bank Bill of 1791 is a common term for two bills passed by the First Congress of the United States of America on February 25 and March 2 of 1791.
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 state of union is an address, in the United States, given by the president to a joint session of Congress, the United States House of Representatives and United States Senate. The United States constitution requires the president "from time to time give to the Congress Information of the State of the Union." Today the state of the union address is given as a speech, though this is not a requirement of the constitution. George Washington chose to address the congress in a speech annually, on October 25, 1791 he gave his third speech.
The Report on a Plan for the Further Support of Public Credit, is the "valedictory" report issued to the US Congress on January 16, 1795 by the first Secretary of the Treasury, Alexander Hamilton. In addition to defending the fiscal programs that he had imposed thus far and extolling a system of finance that was "prosperous beyond all expectations" the report enumerated existing sources of revenue, outlined the plan for the "Redemption of the public debt" and its accruing interest to stabilize the current system of funding, and proposed amendments to the System of Public Credit that were designed for the complete extinguishment government debt and to "prevent that progressive accumulation of Debt which must ultimately endanger all Government."
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.
