Hamilton's Plan; Funding at par value passed (4 Aug 1790 Jahr – 4 Aug 1790 Jahr)

Beschreibung:

Plan
*bolster national credit
*favor wealthy; when successful their $ would
trickle down to poor
*plan to "FUND AT PAR VALUE" (pay
depreciated bonds from Revolutionary War
at face value plus interest)
*CONTROVERSY: Hamilton leaked plan to
wealthy so they could buy bonds for cheap
from the poor before they knew of the
bonds' worth, which allowed them to make a
profit
*plan for ASSUMPTION: state debt becomes
national obligation, more ppl owe debt to
govn't and have personal stake in its success;
chain states to "federal chariot"
*CONTROVERSY: states w/ big debt
(Massachusetts) were happier than states w/
small debt (Virginia)
*COMPROMISE: Virginia gets federal district in
exchange for votes for assumption

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