The First Report on the Public Credit was one of three major reports on fiscal and economic policy submitted by American Founding Father and first United States Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States of America and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the House of Representatives on September 21, 1789, the Report was presented on January 9, 1790, at the second session of the First US Congress. The 40,000 word document called for full federal payment at face value to holders of government securities (“Redemption”) and the national government to assume funding of all state debt (“Assumption”) The political stalemate in Congress that ensued led to the Compromise of 1790, locating the permanent US capitol on the Potomac River. ("Residency”).
The Federalist's success in winning approval for Hamilton’s reforms led to the emergence of an opposition party – the Democratic-Republicans and set the stage for political struggles that would persist for decades in American politics.
Read more about First Report On The Public Credit: Government Debt Under The Articles of Confederation, United States Foreign and Domestic Debt in 1790, Schemes For Establishing Public Credit: Repudiation – Discrimination - Redemption, The Political Debate Over Hamilton’s “Redemption”, ”Assumption” – Shifting State Debt To The Federal Government, ”Residency”, “Assumption” and The “Dinner-Table Bargain”, Adminsitration and Performance
Famous quotes containing the words report, public and/or credit:
“The report reflects incredibly terrible judgments, shockingly sparse concern for human life, instances of officials lacking the courage to exercise the responsibilities of their high office and some very bewildering thought processes.”
—Jane Jarrell Smith, U.S. widow of American astronaut Michael J. Smith. As quoted in Newsweek magazine, p. 13 (June 30, 1986)
“A state that denies its citizens their basic rights becomes a danger to its neighbors as well: internal arbitrary rule will be reflected in arbitrary external relations. The suppression of public opinion, the abolition of public competition for power and its public exercise opens the way for the state power to arm itself in any way it sees fit.... A state that does not hesitate to lie to its own people will not hesitate to lie to other states.”
—Václav Havel (b. 1936)
“To act the part of a true friend requires more conscientious feeling than to fill with credit and complacency any other station or capacity in social life.”
—Sarah Ellis (1812–1872)