Alexander Hamilton, Secretary of the Treasury, submits to the Pro-Washington (nationalist) First Constitutional Congress (elected in accordance with Article I, Section 3 [Clause 1]) his first “Report on Public Credit,” proposing the “Compromise of 1790”: The Congress would pay the State’s bonded indebtedness from the first American Revolution, in exchange for establishing the District of Columbia on the Potomac River.  And that Congress will retire the Continental Notes (Bills of Credit) in circulation at par (one-to-one) value with gold and silver Coin (lawful Money). 

       NOTES:

• This proposal was not well received by the southern States, or Continental Army veterans: the southern States had either significantly paid down, or paid off their war debts; and many war veterans, out of desperation, exchanged their Continental notes for gold and silver Coin (lawful money) at deeply discounted exchange rates.
• Many speculators would profit by this as the Continental Army veterans who had been paid in CNs had exchanged them at deeply discounted rates.

       [restored 2/12/2021]