Funding Act of 1790
E567
The Funding Act of 1790 was a key early U.S. federal law, championed by Alexander Hamilton, that consolidated and refinanced Revolutionary War debts to establish the credit of the new national government.
Aliases (1)
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
→
public law → |
| appliesTo |
Revolutionary War debt
→
continental securities → state debts → |
| architect | Alexander Hamilton → |
| basedOn | Alexander Hamilton's First Report on the Public Credit → |
| chamberInvolved |
United States House of Representatives
→
United States Senate → |
| compromiseInvolved |
Residence Act
→
surface form: "Compromise of 1790"
|
| controversy |
debate over assumption of state debts
→
regional conflict between northern and southern states → |
| country | United States of America → |
| createdInstrument |
funded federal debt
→
new federal government securities → |
| dateEnacted | 1790-08-04 → |
| effectOn |
centralization of fiscal authority
→
creation of a permanent national debt → development of U.S. capital markets → |
| followedBy | establishment of the First Bank of the United States → |
| governmentBranch | legislative branch of the United States government → |
| hasPurpose |
consolidate Revolutionary War debts
→
establish credit of the new federal government → fund the national debt of the United States → refinance existing federal and state debts → |
| historicalPeriod | Early national period of the United States → |
| language | English → |
| legalStatus | historical statute → |
| legislativeBody | United States Congress → |
| linkedTo |
Residence Act
→
surface form: "Residence Act of 1790"
|
| locationJurisdiction |
United States government
→
surface form: "federal government of the United States"
|
| officeHeldByProposer |
Secretary of the Treasury
→
surface form: "United States Secretary of the Treasury"
|
| opposedBy |
James Madison
→
Thomas Jefferson → |
| partOf | Hamiltonian economic program → |
| policyArea |
economic policy
→
public debt management → public finance → |
| proposedBy | Alexander Hamilton → |
| relatedDocument | Report on Public Credit → |
| relatedEvent |
American Revolutionary War
→
Assumption of state debts → |
| replacedInstrument | Continental Congress debt instruments → |
| result |
assumption of state debts by the federal government
→
improvement of U.S. creditworthiness → strengthening of federal authority over finance → |
| signedBy | George Washington → |
| yearEnacted | 1790 → |
Referenced by (5)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form: "Assumption Act of 1790"