History of the United States I / Unit 8 USH1 1056 short lesson, about 20 seconds
The Report on Public Credit
Captions available
The idea
Hamilton proposed in January seventeen ninety that the federal government honour all its debts at face value, including paper money issued by the Confederation and the states.
In practice
Federal interest-bearing bonds sold, with old notes converted into bonds paying interest from seventeen ninety-two.
Where people slip
The purpose was to bind wealthy domestic creditors to the new government's success.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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