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This historic Funding Act of 1790...
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This historic Funding Act of 1790...

Item # 724612 ·
GAZETTE OF THE UNITED STATES, New York, Aug. 7, 1790  Taking about a full page of text, including almost all of page 2 is: "An Act making Provision for the Debt of the United States" which is signed in type by John Adams, Thomas Jefferson, and George Washington.

This was the very historic Funding Act of 1790 which was passed on August 4, 1790 by the United States Congress to address the issue of funding of the domestic debt incurred by the individual colonies during the Revolutionary War and when they were in confederation before the organization of the federal government.
By the Act the new federal government assumed the debts of each of the individual colonies on its own "full faith and credit".
This was the first significant fiscal measure passed by the new government to address the national debt.
The balance of pg. 3 is mostly taken up with reports from Congress although one brief item notes: "A sermon, on a charitable occasion, will be preached by Dr. Witherspoon to-morrow, in the Old Presbyterian Church."

The profound historical significance of this issue cannot be overstated, as it records the literal birth of the American financial system through the historic Funding Act of 1790. Passed just three days prior on August 4, this act was the masterful, hard-fought cornerstone of Treasury Secretary Alexander Hamilton’s financial plan to stabilize the bankrupt economy of the young republic. By having the new federal government assume the massive domestic debts incurred by the individual colonies during the Revolutionary War, the Act consolidated state obligations into a single national debt backed by the "full faith and credit" of the United States. To pass this paradigm-shifting measure, Hamilton struck the legendary Compromise of 1790 with Thomas Jefferson and James Madison, wherein skeptical Southern states agreed to the federal assumption of debt in exchange for permanently locating the nation's capital along the Potomac River. By assuring creditors repayment "at par" through a standardized system of long-term government bonds, this legislation successfully established American credit, fortified federal authority over the states, and laid the groundwork for centuries of global economic trust.

Four pages, wide, never-trimmed margins, scattered foxing, generally nice condition.

Note: This issue (along with 3 additional follow-up issues) sold in auction for $7500 in 2017.
Price
$3,950
100% Authentic: Original printing, never a reproduction.