Hamilton - Hamilton's reports. The United States was...

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Unformatted text preview: Hamilton's reports. The United States was saddled with a large debt from the War for Independence. Hamilton submitted recommendations for dealing with the problem in his Report on the Public Credit (January 1790). It called for funding the national debt by printing new securities and honoring at face value the certificates that had been issued by the Continental Congress. In addition, he proposed that the federal government assume state debts. Hamilton did not intend for the national debt to be totally eliminated; paying the interest would be enough to demonstrate the financial viability of the new nation. Hamilton's report aroused concern from the southern states, whose leaders believed the proposal primarily benefited speculators in the north. James Madison noted that many of the original certificate ownersfarmers and veterans, for the most parthad long ago sold their certificates at...
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