1790 NY newspaper Treasury Secretary ALEXANDER HAMILTON FINANCIAL PLAN forTHE US

Description: 1790 NY newspaper Treasury Secretary ALEXANDER HAMILTON FINANCIAL PLAN forTHE US 1790 New York City newspaper with GEORGE WASHINGTON signed ACT to REDUCE the US PUBLIC DEBT 1790 - This was part of ALEXANDER HAMILTON 's FINANCIAL PLAN for the United States to REDUCE the US PUBLIC DEBT- inv # 4B-422 Please visit our EBAY STORE for THOUSANDS MORE HISTORICAL NEWSPAPERS for SALE or at auction SEE PHOTO(s) - COMPLETE ORIGINAL NEWSPAPER, the Gazette of the United States (New York, NY) dated Aug 21, 1790. This original newspaper contains an inside page complete printing of "AN ACT MAKING PROVISION FOR THE REDUCTION OF THE PUBLIC DEBT", signed in type by President George Washington, VP John Adams, and Secretary of State THOMAS JEFFERSON.This act is considered a key part of Alexander Hamilton's financial plan for the United States as George Washington's 1st Secretary of the TreasuryAlexander Hamilton's financial plan for the United States in the 1790s had several key components: Consolidate state debtsHamilton's plan was to combine the debts of the Continental Congress and the states into a single public debt. The federal government would assume the states' debts, which were incurred during the American Revolutionary War. Create a national bankHamilton's plan included the establishment of a Bank of the United States to encourage economic growth. Support manufacturingHamilton's plan included high tariffs to protect American industry from foreign competition, as well as government subsidies and bounties. Establish public creditHamilton's plan included paying off the new bonds issued by the Treasury with revenue from a new tariff on imports. Unify the national economyHamilton's plan included integrating merchants, farmers, shippers, artisans, and planters into a single national economy. Gradually pay off the debtHamilton's plan included a gradual process of paying off the debt. Hamilton outlined his plan in four reports to Congress between 1790 and 1791. He faced opposition from Thomas Jefferson, who believed that Hamilton's plan threatened the values of an agrarian society. The "Act making provision for the reduction of the public debt" of 1790 refers to the Funding Act of 1790 which was passed by the U.S. Congress, essentially allowing the federal government to assume and pay off the debts incurred by individual states during the American Revolution, establishing a system for managing the national debt and bolstering public credit; this act is considered a key part of Alexander Hamilton's financial plan.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.With the formation of the new government in 1789 under the recently-adopted U.S. Constitution, the settlement of the Revolutionary War debt was a matter of prime importance. As a result, the first House of Representatives directed the first Secretary of the Treasury, Alexander Hamilton, during the presidential administration of George Washington, to draw up a plan for the support of public credit. Consequently, the First Report on the Public Credit was issued on January 9, 1790, which became the foundation for subsequent action taken by Congress for funding and paying the public debt. The Funding Act of 1790 that followed was concerned primarily with funding the domestic debt held by the states.The Funding Act authorized the federal government to receive certificates of state war-incurred debts and to issue federal securities in exchange. It essentially proposed “a loan to the full amount of the said domestic debt.”The terms of the loan were that two-thirds of the principal of the debt subscribed should draw the interest of 6% per annum, from January 1, 1791, and the remaining one-third of the principal to receive interest at the same rate (6%) from 1801, with interest “payable quarter yearly”. The debt consisting of arrears of interest should bear an interest of 3% from January 1, 1791.By the Act, Congress authorized the assumption of a total of $21.5 million of state debts as follows:State Debt amount authorized for assumption:New Hampshire $300,000Massachusetts $4,000,000Rhode Island and Providence Plantations $200,000Connecticut $1,600,000New York $1,200,000New Jersey $800,000Pennsylvania $2,200,000Delaware $200,000Maryland $800,000Virginia $3,500,000North Carolina $2,400,000South Carolina $4,000,000Georgia $300,000Not all of the state quotas were filled and so the total assumed was only $18.3 million.[3] Furthermore, although the Act was limited to one year, it was later extended until the entire debt was subscribed and funded according to the law.This sum was also to be loaned to the United States with the terms such that each subscriber was to be entitled to a certificate equivalent of four ninths of the sum subscribed, bearing interest at 6% per annum, another certificate equal to three-ninths of the sum subscribed bearing interest at 3% with both commencing January 1, 1792, and a third certificate of the remaining two ninths of the sum bearing 6% interest starting from the year 1800.The Act also provided for the funding of securities issued by the Confederation into new federal issues. State governments had acquired nearly $9 million of the $27.5 million of Confederation debt outstanding in 1789. The law provided that for every $90 worth of principal turned in, there should be issued $60 worth of 6% stock and $30 of deferred that would bear interest after 1801. Arrears of interest were funded into 3% stock.Finally, the funding program resulted in the settlement of accounts between the states and the national government completed in 1793. That was intended to equalize the per capita burden of war expenditures among the states. Each state was credited with the amount it spent during the war and debited for sums received from the federal government.The shedding of the state debt burden allowed the states to reduce taxes, resulting in the lowering of taxes in many states including Maryland, Pennsylvania, New York, Virginia and Massachusetts. However, that was associated with a subsequent imposition of federal taxes, effectively leaving the status quo unchanged. The Funding Act left the states with substantial revenue earned through the federal securities, with income from this source making up nearly one-fifth of total state revenue. That income enabled states to invest in industry and promote economic enterprises directly. Good condition. This issue has some water staining. This listing includes the complete entire original newspaper, NOT just a clipping or a page of it. STEPHEN A. GOLDMAN HISTORICAL NEWSPAPERS stands behind all of the items that we sell with a no questions asked, money back guarantee. Every item we sell is an original newspaper printed on the date indicated at the beginning of its description. U.S. buyers pay priority mail postage which includes waterproof plastic and a heavy cardboard flat to protect the purchased item from damage in the mail. Upon request by the buyer, we can ship by USPS Media Mail to reduce postage cost; however, please be aware that USPS Media Mail can be very slow in its time of transit to the buyer. 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We are located in the charming Maryland Eastern Shore town of OXFORD, Maryland. Dr. Goldman is a consultant to the Freedom Forum Newseum and a member of the American Antiquarian Society. You can buy with confidence from us, knowing that we stand behind all of our historical items with a 100% money back guarantee. Let our 50+ years of experience work for YOU ! We have hundreds of thousands of historical newspapers (and their very early precursors) for sale.We invite customer requests for historical newspapers that are not yet located in our extensive Ebay listing of items. With an inventory of nearly a million historical newspapers (and their early precursors) we are likely have just the one YOU are searching for.WE ARE ALSO ACTIVE BUYERS OF HISTORICAL NEWSPAPERS, including large and small personal collections, bound volumes, significant individual issues, or deaccessions from libraries and historical societies. IF YOU WANT TO SELL, WE WANT TO BUY !!! 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