To win support for his debt assumption plan from Southern leaders like Thomas Jefferson and James Madison, Hamilton agreed to what political compromise?
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Correct answer: The permanent location of the national capital on the Potomac River
The Compromise of 1790 involved Southern support for the assumption of state debts in exchange for moving the national capital to a Southern location. This resulted in the creation of Washington, D.C., on the border of Maryland and Virginia.
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More Hamilton's Financial Plan questions
- What was the main purpose of the protective tariffs proposed in Hamilton’s 'Report on Manufactures' (1791)?
- Which group was most likely to oppose Hamilton’s financial plan, fearing it favored urban elites over rural interests?
- Hamilton proposed that the First Bank of the United States be structured as a:
- How did Hamilton plan to generate the revenue necessary to pay interest on the national debt?
- Thomas Jefferson’s primary objection to the National Bank was based on the belief that:
- Which of the following was a primary function of the First Bank of the United States?