Debt assumption

Debt Assumption, or simply assumption, was a US financial policy executed under the Funding Act of 1790. The Washington administration pursued the policy, under Secretary of the Treasury Alexander Hamilton's leadership, to assume the outstanding debt of states that had not yet repaid their American Revolutionary War bonds and a scrip. Some states, such as Virginia, had already repaid their debt. The policy of assumption, Hamilton argued, required expanded federal taxation, including a tariff and an excise tax on whiskey. Western farmers violently protested in the Whiskey Rebellion.

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