Founding1790
Hamilton Submits Report on Public Credit
Secretary of the Treasury Alexander Hamilton submitted his First Report on the Public Credit to Congress, proposing that the federal government assume all state debts from the Revolutionary War. The plan was controversial but ultimately helped establish the financial credibility of the new nation.
Why It Matters
Hamilton's financial plan laid the foundation for American economic policy, established federal creditworthiness, and sparked enduring debates about the proper role of the federal government in the economy.