Birth of the Nation: The First Federal Congress, 1789-1791 | Next Page
Funding the National Debt

Senate Committee Report, July 12, 1790
Senate Committee Report, July 12, 1790
(Courtesy of the Library of Congress)

  Part 2
Part 2


On June 14 Sen. Oliver Ellsworth of Connecticut presented a resolution to include assumption in the funding bill. The Senate committed the resolution on July 2, the day after it passed the bill locating the capital on the Potomac. This is the committee's report in favor of assumption. On July 21, by one vote, the Senate agreed to a Funding Bill which contained a provision for assumption. Assumption was introduced in the Senate at this time as part of the Compromise of 1790, by which the U.S. capital was located on the Potomac and the state debts were assumed by the federal government.

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