slesh wrote:
Assumption was not solely based on strengthening the Federal Government of the newly formed nation. Those debts were individual to the Revolutionary War and the costs to each colony, and if you did this for a living you would know good and well that Assumption, did give this nation an outstanding credit rating globally but the central bank concept is a fail across the board.
LOL. There was no such thing as a "global credit rating" in 1790, because there were no international banking or credit systems yet. Hamilton's plan for the federal government to assume the state's revolutionary war debt was to strengthen the federal government by tying the individual states to a centralized government. Hamilton also created the first Bank of the United States at the same time he assumed the states' debt. It was modeled on the Bank of England, which is, I believe, the world's second oldest central bank.
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