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Compromise Of 1790
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 (District of Columbia) 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 meeting was organized by Thomas Jefferson, and only he, James Madison, and Alexander Hamilton were present at the meeting. This led to many assumptions about what was discussed at the meeting. The compromise made possible the passage of the Residence and Funding (Assumption) Acts in July and August 1790. According to historian ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alexander Hamilton
Alexander Hamilton (January 11, 1755 or 1757July 12, 1804) was an American military officer, statesman, and Founding Father who served as the first United States secretary of the treasury from 1789 to 1795. Born out of wedlock in Charlestown, Nevis, Hamilton was orphaned as a child and taken in by a prosperous merchant. He pursued his education in New York before serving as an artillery officer in the American Revolutionary War. Hamilton saw action in the New York and New Jersey campaign, served for years as an aide to General George Washington, and helped secure American victory at the Siege of Yorktown. After the war, Hamilton served as a delegate from New York to the Congress of the Confederation. He resigned to practice law and founded the Bank of New York. In 1786, Hamilton led the Annapolis Convention to replace the Articles of Confederation with the Constitution of the United States, which he helped ratify by writing 51 of the 85 installments of '' The Federali ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compromise Of 1850
The Compromise of 1850 was a package of five separate bills passed by the United States Congress in September 1850 that defused a political confrontation between slave and free states on the status of territories acquired in the Mexican–American War. It also set Texas' western and northern borders and included provisions addressing fugitive slaves and the slave trade. The compromise was designed by Whig senator Henry Clay and Democratic senator Stephen A. Douglas, with the support of President Millard Fillmore. The component acts: * approved California’s request to enter the Union as a free state * strengthened fugitive slave laws with the Fugitive Slave Act of 1850 * banned the slave trade in Washington, D.C. (while still allowing slavery itself there) * defined northern and western borders for Texas while establishing a territorial government for the Territory of New Mexico, with no restrictions on whether any future state from this territory would be free or sl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Louisiana Purchase
The Louisiana Purchase (french: Vente de la Louisiane, translation=Sale of Louisiana) was the acquisition of the territory of Louisiana by the United States from the French First Republic in 1803. In return for fifteen million dollars, or approximately eighteen dollars per square mile, the United States nominally acquired a total of in Middle America. However, France only controlled a small fraction of this area, most of which was inhabited by Native Americans; effectively, for the majority of the area, the United States bought the "preemptive" right to obtain "Indian" lands by treaty or by conquest, to the exclusion of other colonial powers. The Kingdom of France had controlled the Louisiana territory from 1699 until it was ceded to Spain in 1762. In 1800, Napoleon, the First Consul of the French Republic, regained ownership of Louisiana as part of a broader effort to re-establish a French colonial empire in North America. However, France's failure to suppress a revol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Albert Gallatin
Abraham Alfonse Albert Gallatin (January 29, 1761 – August 12, 1849) was a Genevan–American politician, diplomat, ethnologist and linguist. Often described as "America's Swiss Founding Father", he was a leading figure in the early years of the United States, helping shape the new republic's financial system and foreign policy. Gallatin was a prominent member of the Democratic-Republican Party, represented Pennsylvania in both chambers of Congress, and held several influential roles across four presidencies, most notably as the longest serving U.S. Secretary of the Treasury. He is also known for his contributions to academia, namely as the founder of New York University and cofounder of the American Ethnological Society. Gallatin was born in Geneva in present-day Switzerland and spoke French as a first language. Inspired by the ideals of the American Revolution, he immigrated to the United States in the 1780s, settling in western Pennsylvania. He served as a delegate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federalist Party
The Federalist Party was a conservative political party which was the first political party in the United States. As such, under Alexander Hamilton, it dominated the national government from 1789 to 1801. Defeated by the Jeffersonian Republicans in 1800, it became a minority party while keeping its stronghold in New England and made a brief resurgence by opposing the War of 1812. It then collapsed with its last presidential candidate in 1816. Remnants lasted for a few years afterwards. The party appealed to businesses and to conservatives who favored banks, national over state government, manufacturing, an army and navy, and in world affairs preferred Great Britain and strongly opposed the French Revolution. The party favored centralization, federalism, modernization, industrialization and protectionism. The Federalists called for a strong national government that promoted economic growth and fostered friendly relationships with Great Britain in opposition to Revolutio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bond (finance)
In finance, a bond is a type of security under which the issuer ( debtor) owes the holder ( creditor) a debt, and is obliged – depending on the terms – to repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called the coupon) over a specified amount of time. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU. Bonds provide the borrower with external funds to finance long-term investments or, in the case of government bonds, to finance current expenditure. Bonds and stocks are both securities, but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Revolutionary War
The American Revolutionary War (April 19, 1775 – September 3, 1783), also known as the Revolutionary War or American War of Independence, was a major war of the American Revolution. Widely considered as the war that secured the independence of the United States, fighting began on April 19, 1775, followed by the Lee Resolution on July 2, 1776, and the Declaration of Independence on July 4, 1776. The American Patriots were supported by the Kingdom of France and, to a lesser extent, the Dutch Republic and the Spanish Empire, in a conflict taking place in North America, the Caribbean, and the Atlantic Ocean. Established by royal charter in the 17th and 18th centuries, the American colonies were largely autonomous in domestic affairs and commercially prosperous, trading with Britain and its Caribbean colonies, as well as other European powers via their Caribbean entrepôts. After British victory over the French in the Seven Years' War in 1763, tensions between the motherlan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philadelphia
Philadelphia, often called Philly, is the List of municipalities in Pennsylvania#Municipalities, largest city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, the List of United States cities by population, sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic (United States), Mid-Atlantic regions after New York City. Act of Consolidation, 1854, Since 1854, the city has been coextensive with Philadelphia County, Pennsylvania, Philadelphia County, the List of counties in Pennsylvania, most populous county in Pennsylvania and the urban core of the Delaware Valley, the Metropolitan statistical area, nation's seventh-largest and one of List of largest cities, world's largest metropolitan regions, with 6.245 million residents . The city's population at the 2020 United States census, 2020 census was 1,603,797, and over 56 million people live within of Philadelphia. Philadelphia was founded in 1682 by William Penn, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French crédit (15c.) "belief, trust," from Italian credito, from Latin creditum "a loan, thing entrusted to another," from past ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Report On The Public Credit
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,Malone, 1960, p. 260 at the second session of the 1st US Congress. The 40,000-word document called for full federal payment at face value to holders of government securities ("redemption") and the federal government to assume funding of all state debt ("assumption") The political stalemateEllis, 2000, p. 50 in Congress that ensued led to the Compromise of 1790, which located the permanent US capital on the Potomac River ("residency"). The Federalists' success in winning approval for Hamilton's reforms led to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Secretary Of The Treasury
The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal advisor to the president of the United States on all matters pertaining to economic and fiscal policy. The secretary is a statutory member of the Cabinet of the United States, and is fifth in the presidential line of succession. Under the Appointments Clause of the United States Constitution, the officeholder is nominated by the president of the United States, and, following a confirmation hearing before the Senate Committee on Finance, is confirmed by the United States Senate. The secretary of state, the secretary of the treasury, the secretary of defense, and the attorney general are generally regarded as the four most important Cabinet officials, due to the size and importance of their respective departments. The current secretary of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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