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First Report on the Public Credit
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.〔Brock, 1957, p. 40〕 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.〔Staloff, 2005, p. 91, Malone, 1960, p. 259 p. 259〕 Commissioned by the House of Representatives on September 21, 1789, the Report was presented on January 9, 1790,〔Malone, 1960, p. 260〕 at the second session of the First US Congress.〔Brock, 1957, p. 41, Smith, 1980, p. 147〕 The 40,000 word document 〔Ellis, 2000, p. 60〕 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〔Ellis, 2000, p. 50〕 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 〔Brock, 1959, p. 44, p. 45, Ellis, 2000, p. 80, Hofstadter, 1957, p. 14〕 and set the stage for political struggles that would persist for decades in American politics.〔Brock, 1957, p. 41, Hofstadter, 1948, p. 14, Malone, 1960, p. 265〕
==Government debt under the Articles of Confederation==
During the American Revolution, the Continental Congress, under the Articles, amassed huge war debts, but lacked the power to service these obligations through taxation or duties on imports.〔Staloff, 2005, p. 69〕〔Miller, 1960, p. 37〕 As an expedient, the revolutionary government resorted to printing money and bills of credit,〔 but this currency rapidly underwent depreciation.〔〔 To avoid bankruptcy, the Continental Congress eliminated $195 million of its $200 million debt by fiat.〔〔 In post-war years, Continental currency - "Continentals" - would be deemed worthless.〔
With its finances in disarray, the legislature abdicated its fiscal responsibilities, shifting them to the thirteen states.〔 When the state legislatures failed to meet quotas for war material through local taxation, the patriot armies turned to confiscating supplies from farmers and tradesmen, compensating them with IOU’s of uncertain value.〔Staloff, 2005, p. 69-70〕 By the end of the war, over $90 million in state debt was outstanding. .〔Staloff, 2005, p. 70〕 Much of the state and national fiscal disorder, exacerbated by an economic crisis in urban commercial centers,〔Hofstadter, 1957, p. 125〕 remained unresolved at the time the ''Report'' was issued.〔Ellis, 2000, p. 61〕
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