Assumption Act implementation
E83339
The Assumption Act implementation was the process by which the early U.S. federal government, under Alexander Hamilton’s financial program, took over and managed the Revolutionary War debts of the individual states to strengthen national credit and central authority.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Assumption Act implementation canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
historical process
ⓘ
implementation of public policy ⓘ |
| aimedAt |
enhancing the authority of the central government over the states
ⓘ
gaining support of creditors for the federal government ⓘ stabilizing the new nation’s finances ⓘ |
| appliesToJurisdiction | United States of America ⓘ |
| basedOn |
Alexander Hamilton's First Report on the Public Credit
ⓘ
surface form:
First Report on the Public Credit
|
| country | United States of America ⓘ |
| follows |
congressional approval of Hamilton’s assumption plan
ⓘ
passage of the Funding Act of 1790 ⓘ |
| governmentOfficeOrTitle |
Secretary of the Treasury
ⓘ
surface form:
U.S. Secretary of the Treasury
|
| hasCause |
Alexander Hamilton's First Report on the Public Credit
ⓘ
surface form:
Alexander Hamilton’s First Report on the Public Credit
goal of increasing federal authority over finances ⓘ goal of strengthening national credit ⓘ need to manage Revolutionary War debts ⓘ |
| hasEffect |
binding states more closely to the federal government
ⓘ
centralization of public finance ⓘ creation of a national market for government securities ⓘ increase in federal tax requirements ⓘ political controversy between Federalists and Democratic-Republicans ⓘ precedent for federal management of state obligations ⓘ strengthening of federal government credit ⓘ |
| hasPart |
assumption of state Revolutionary War debts
ⓘ
consolidation of federal public debt ⓘ establishment of federal creditworthiness ⓘ issuance of new federal securities ⓘ negotiation with individual states over debt balances ⓘ redemption of old state debt instruments ⓘ |
| hasParticipant |
Alexander Hamilton
ⓘ
George Washington ⓘ United States Department of the Treasury ⓘ
surface form:
U.S. Treasury Department
United States Congress ⓘ holders of state war debt ⓘ public creditors of the United States ⓘ state governments of the original thirteen states ⓘ |
| implementedBy |
Office of the Secretary of the Treasury
ⓘ
United States Department of the Treasury ⓘ
surface form:
U.S. Treasury Department
|
| legalBasis |
Assumption provisions enacted by the First U.S. Congress
ⓘ
Funding Act of 1790 ⓘ |
| location |
New York City
ⓘ
Philadelphia ⓘ state capitals of the original thirteen states ⓘ |
| mainPerpetrator | Alexander Hamilton ⓘ |
| partOf |
Alexander Hamilton’s financial program
ⓘ
early U.S. federal fiscal policy ⓘ |
| pointInTime | 1790s ⓘ |
| startTime | 1790 ⓘ |
| temporalContext | post–American Revolutionary War period ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.