1790 U.S. law creating a national system to resolve the individual states' debts
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Funding Act of 1790
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 (debt service, repayment, and retirement) 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.
Through the new Department of the Treasury, the U.S. government issued U.S. Treasury Securities backed by the "full faith and credit" of the United States and offered them to the bondholders of the former States' and Confederation's bonded debts at par—that is, at 100% of the state bonds' face value (full assumption) and at rates of interest (and all other terms) that were as specified on the bonds when they were issued by the states and Confederation.
When that was done, "full assumption" of state debts by the federal government had thereby occurred through the issue of federal securities and, for the states of the new Union, the full and complete retirement of their bonded obligations incurred in the Revolution and the Confederation.
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financial policy executed under the FundingActof1790. The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's...
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July 22, 1790: Indian Intercourse Actof1790, ch. 33, 1 Stat. 137, regulated commerce with the Indian tribes. August 4, 1790: FundingActof1790, ch. 34...
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passage of Hamiltonian proposals such as the FundingActof1790 and the Bank Bill of 1791. He also advocated in favor of the United States Bill of Rights...
the nation's capital. In the Compromise of1790, Hamilton's assumption plan was adopted as the FundingActof1790, as several southern congressmen voted...
Consolidated FundAct is an actof the Parliament of the United Kingdom passed to allow, like an Appropriation Act, the Treasury to issue funds out of the Consolidated...
in the FundingActof1790 and the Residence Act, both of which Washington signed into law. Congress authorized the assumption and payment of the nation's...
agreed to the Compromise of1790, which provided for the enactment of Hamilton's assumption plan, as part of the FundingActof1790. In return, Congress...
to the assumption of federal and state debts and finance of the United States government (1790). Hamilton included his plan to tax distilled spirits among...
Short History of US Credit Defaults". Mises Institute. Retrieved 2018-06-27. Kratz, Jessie (2015-05-31). "The Compromise of1790". Pieces of History. Retrieved...
House of Delegates at the end of1790 was over the FundingActof1790, by which the federal government took over the debts of the states, much of which...
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misadministration of two Congressionally authorized loans under the FundingActof1790 by William Giles. Augustus Hill Garland, Attorney General in Grover...
supported Madison. The plan was finally adopted as part of the Compromise of1790, as the FundingActof1790. The compromise meant that the state debts were...
The first 1790 State of the Union Address was the inaugural State of the Union address delivered by President George Washington to the United States Congress...
Hamilton's assumption plan was adopted as the FundingActof1790. Later in 1790, Hamilton issued another set of recommendations in his Second Report on Public...
company's management of the Great Falls of the Passaic River as a powersource for grist mills resulted in the growth of Paterson as one of the first industrial...
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