Hamilton's plan called for the federal government's assumption of the Revolutionary War debts which tied the states together More?
Economic history of the United States
European coastal waters, Caribbean Sea, Atlantic and Indian Oceans
History of the United States
The economic history of the United States has its roots in European colonization in the 16th, 17th, and 18th centuries. Marginal colonial economies grew into 13 small, independent farming economies, which joined together in 1776 to form the United States of America. In 230 years the United States grew to a huge, integrated, industrialized economy that makes up nearly a quarter of the world economy. Major factors in this growth included a large unified market, a supportive political-legal system, vast areas of highly productive farmlands, vast natural resources (especially timber, coal, iron, and oil), and an entrepreneurial spirit and commitment to investing in material and human capital. The economy has maintained high wages, attracting immigrants by the millions from all over the world. Technological and industrial factors played a major role.
The history of the United States as covered in American schools and universities typically begins with either Christopher Columbus's 1492 voyage to the Americas or with the prehistory of the Native peoples, with the latter approach having become increasingly common in recent decades.
Indigenous peoples lived in what is now the United States for thousands of years and developed complex cultures before European colonists began to arrive, mostly from England, after 1600. The Spanish had early settlements in Florida and the Southwest, and the French along the Mississippi River and Gulf Coast. By the 1770s, thirteen British colonies contained two and a half million people along the Atlantic coast, east of the Appalachian Mountains. The colonies were prosperous and growing rapidly, and had developed their own autonomous political and legal systems. After driving the French out of North America in 1763, the British imposed a series of new taxes while rejecting the American argument that taxes required representation in Parliament. "No taxation without representation" became the American catch phrase. Tax resistance, especially the Boston Tea Party of 1774, led to punishment by Parliament designed to end self-government in Massachusetts. All 13 colonies united in a Congress that led to armed conflict in April 1775. On July 4, 1776, the Congress adopted the Declaration of Independence drafted by Thomas Jefferson, proclaimed that all men are created equal, and founded a new nation, the United States of America.
First Report on the Public Credit
The United States of America (USA), commonly referred to as the United States (US), America, or simply the States, is a federal republic consisting of 50 states, 16 territories, a federal district, and various overseas extraterritorial jurisdictions. The 48 contiguous states and the federal district of Washington, D.C., are in central North America between Canada and Mexico. The state of Alaska is the northwestern part of North America and the state of Hawaii is an archipelago in the mid-Pacific. The country also has five populated and nine unpopulated territories in the Pacific and the Caribbean. At 3.79 million square miles (9.83 million km2) in total and with around 316 million people, the United States is the fourth-largest country by total area and third largest by population. It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many countries. The geography and climate of the United States is also extremely diverse, and it is home to a wide variety of wildlife.
Paleo-indians migrated from Asia to what is now the US mainland around 15,000 years ago, with European colonization beginning in the 16th century. The United States emerged from 13 British colonies located along the Atlantic seaboard. Disputes between Great Britain and these colonies led to the American Revolution. On July 4, 1776, delegates from the 13 colonies unanimously issued the Declaration of Independence. The ensuing war ended in 1783 with the recognition of independence of the United States from the Kingdom of Great Britain, and was the first successful war of independence against a European colonial empire. The current Constitution was adopted on September 17, 1787. The first 10 amendments, collectively named the Bill of Rights, were ratified in 1791 and guarantee many fundamental civil rights and freedoms.
The First Report on the Public Credit was one of three major reports on fiscal and economic policy submitted by American Founding Father and first United States Treasury Secretary Alexander Hamilton on the request of Congress. The report analyzed the financial standing of the United States of America and made recommendations to reorganize the national debt and to establish the public credit. Commissioned by the House of Representatives on September 21, 1789, the Report was presented on January 9, 1790, at the second session of the First US Congress. The 40,000 word document called for full federal payment at face value to holders of government securities (“Redemption”) and the national government to assume funding of all state debt (“Assumption”) The political stalemate in Congress that ensued led to the Compromise of 1790, locating the permanent US capitol on the Potomac River ("Residency”).
The Federalist's success in winning approval for Hamilton’s reforms led to the emergence of an opposition party – the Democratic-Republicans and set the stage for political struggles that would persist for decades in American politics.
Alexander Hamilton (January 11, 1755 or 1757 – July 12, 1804) was a Founding Father of the United States, chief of staff to General Washington, one of the most influential interpreters and promoters of the Constitution, the founder of the nation's financial system, and the founder of the first American political party.
As Secretary of the Treasury, Hamilton was the primary author of the economic policies of the George Washington administration, especially the funding of the state debts by the Federal government, the establishment of a national bank, a system of tariffs, and friendly trade relations with Britain. He became the leader of the Federalist Party, created largely in support of his views, and was opposed by the Democratic-Republican Party, led by Thomas Jefferson and James Madison.
A federation (Latin: foedus, foederis, 'covenant'), also known as a federal state, is a political entity characterized by a union of partially self-governing states or regions under a central (federal) government. In a federation, the self-governing status of the component states, as well as the division of power between them and the central government, are typically constitutionally entrenched and may not be altered by a unilateral decision of either party, the states or the federal political body.
The governmental or constitutional structure found in a federation is known as federalism. It can be considered the opposite of another system, the unitary state. Germany with sixteen Länder is an example of a federation, whereas neighboring Austria and its Bundesländer was a unitary state with administrative divisions that became federated, and neighboring France by contrast has always been unitary.