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The Report on Public Credit was a report that analyzed the financial standing of the United States of America and made recommendations for the retirement of the national debt. Commissioned by the House of Representatives to Treasury Secretary Alexander Hamilton on September 21, 1789 and presented January 14, 1790, the 140,000 word document first proposed federal assumption of state debt. This Manual of Style has the simple purpose of making things easy to read by following a consistent format — it is a style guide. ...
Credit as a financial term, used in such terms as credit card, refers to the granting of a loan and the creation of debt. ...
Government debt (also known as public debt or national debt) is money (or credit) owed by any level of government; either central government, federal government, municipal government or local government. ...
The Politics series Politics Portal This box: House of Representatives is a name used for legislative bodies in many countries. ...
The United States Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. ...
Alexander Hamilton (January 11, 1755 or 1757 -- July 12, 1804) was an American politician, leading statesman, financier, intellectual, and military officer. ...
Proposals
Alexander Hamilton’s plan implemented ideas of public credit, a national bank, and tariffs and manufactures to promote a fully republican economic system that was directly related to the federal government. Alexander Hamilton (January 11, 1755 or 1757 -- July 12, 1804) was an American politician, leading statesman, financier, intellectual, and military officer. ...
Reserve Bank of India in Mumbai, India. ...
A tariff is a tax on foreign goods. ...
Federal courts Supreme Court Chief Justice Associate Justices Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures State Courts Counties, Cities, and Towns Other countries Politics Portal The government of the United States of America, established by the U.S. Constitution, is a...
Hamilton’s Report supported ideas of war debt assumption, redemption of Confederate securities at face value, and funding of new national securities as a permanent national debt, in order to enhance the revenue and fiscal system of the national government, creating a large body to which many wealthy citizens would belong and support, bringing about its prosperity. Jeffersonians thought that, because the public credit system was focused on the wealthy class, it would give them power over the agricultural, lower class which made up the majority of the population, thereby denying democratic ideals. Look up war in Wiktionary, the free dictionary. ...
For other uses, see Debt (disambiguation). ...
The Articles of Confederation The Articles of Confederation and Perpetual Union, commonly known as the Articles of Confederation, was the first governing document of the United States of America. ...
Social class refers to the hierarchical distinctions between individuals or groups in societies or cultures. ...
Hamilton believed that a national bank would make loans, handle government funds, issue financial notes, provide national currency, and overall considerably help the national government to accurately and efficiently govern financially. Jeffersonians believed that creating such a power, if not now, then soon enough would cause the elastic clause to be stretched too far, causing all the state divisions to be subsumed under a single, powerful national government. The term national bank has several meanings: especially in developing countries, a bank owned by the state an ordinary private bank which operates nationally (as opposed to regionally or locally or even internationally) In the past, the term national bank has been used synonymously with central bank, but it is...
Wikisource has original text related to this article: Article One of the United States Constitution Article One of the United States Constitution states the establishment of the legislative branch of the United States government, known as the Congress, which includes the House of Representatives and the Senate. ...
Additionally, Hamilton supported the manufacturing economy because he believed it to be more efficient and fruitful for the nation itself. Jefferson thought it was improper and cruel to center such industrial activity in factories and such, and encouraged the use of technology in open spaces (such as farming fields) that the agricultural family could make use of, for the addition of such a labor force would be beneficial in his mind. Manufacturing, a branch of industry which accounts for about one-quarter of the worlds economic activity, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ...
By the mid 20th century humans had achieved a level of thinking mastery sufficient to leave the surface of the planet for the first time and explore space. ...
Farming, ploughing rice paddy, in Indonesia Agriculture is the process of producing food, feed, fiber and other desired products by cultivation of certain plants and the raising of domesticated animals (livestock). ...
Reaction Hamilton's proposals drew sharp criticism from Secretary of State Thomas Jefferson and Speaker of the House of Representatives James Madison. The disagreements between Jefferson and Hamilton extended to other proposals Hamilton made to Congress, and they grew especially bitter, with Hamilton's followers calling themselves Federalists and Jefferson's calling themselves republicans. These divisions are the first manifestations of political parties in the U.S.
Jefferson and Madison eventually brokered a deal with Hamilton that required him to use his influence to place the permanent capital on the Potomac River, while Jefferson and Madison would encourage their friends to back Hamilton's assumption plan. In the end, Hamilton's assumption, together with his proposals for funding the debt, passed legislative opposition and became law.
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