jun 20, 1790 - Compromise of 1790
Description:
A deal between Alexander Hamilton of the Federalist Party and James Madison and Thomas Jefferson of the Democratic-Republican Party. After Hamilton's Economic Plan was proposed, the Federalists were unable to get it passed (specifically, the act of the federal government assuming all state debts). The three met together over dinner to discuss terms for its passage. They decided to pass the Funding Act of 1790 (which did as Hamilton wanted), but was packaged along with the Residence Act, which mandated that a permanent national capital be established along the Potomac River. This capital was eventually determined to be the Washington District of Columbia (Washington DC), located on the border of Maryland and Virginia, two pro-slavery states. Hamilton agreed to this plan because he figured the more important capital of the country would not be the political one, but the economic one, ie New York City. He correctly predicted that NYC would be the thriving economic center of the Union throughout its existence.
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