Want this question answered?
Jefferson.
He compromised that he would move the capital to the south.
Jefferson and Madison had different view points than Hamilton.
In return for support of Hamilton's Assumption plan the new US capital would be on the Potomac River.
Hamilton distrust Madison and Jefferson because they were supporting France and were against Great Britain.They were hostile to him.Hamilton said that the views of Madison and Jefferson are unsound and dangerous.
Henry against Hamilton for
Jefferson and Madison were polar opposites of Hamilton in the financial issues. The result of Jefferson's and Madison's opposition to Hamilton's financial plan was the establishments of the banking system.
National banks
It actually wasn't the repayment of state debts but the assumption of state debts. In 1790, Alexander Hamilton was the Secretary of the Treasury, Thomas Jefferson Secretary of State, and James Madison a Representative. Congress asked Hamilton for a plan to fix the economic system, and in the span of roughly 3 months Hamilton came out with the first Report on Public Credit, which advocated for the assumption of state debts. Hamilton argued that increasing the government's responsibility increases its authority. James Madison and Thomas Jefferson were horrified, and Madison set to work on not passing the bill, at least not the assumption. The other issue plaguing Congress was where to put the capital. In 1790 it was located in New York, which really wasn't a very good place to put it. Arguments rose. Madison and Jefferson favored Philadelphia as the temp capital and a site on the Potomac River as the permanent site. Alexander Hamilton, who wielded immense influence with Washington, however, wouldn't give in and desperately wanted the capital to remain in New York. Jefferson invited Hamilton and Madison to dinner and a compromise was made over the 2 issues. Hamilton would advocate for Philadelphia/Potomac for the capital; he figured that the capital would probably just end up there anyways. In return, Madison would not openly oppose Hamilton's assumption plan in the House, although he would not vote for it, and Jefferson would not try to sway Washington either way. The compromise was a very good one and history still remembers it, but at the time Hamilton would regret passing up the chance for New York to become another London (although it would) and Jefferson and Madison would regret letting the assumption pass as it made the government more powerful (which was Hamilton's goal as the Federalist party leader).
It actually wasn't the repayment of state debts but the assumption of state debts. In 1790, Alexander Hamilton was the Secretary of the Treasury, Thomas Jefferson Secretary of State, and James Madison a Representative. Congress asked Hamilton for a plan to fix the economic system, and in the span of roughly 3 months Hamilton came out with the first Report on Public Credit, which advocated for the assumption of state debts. Hamilton argued that increasing the government's responsibility increases its authority. James Madison and Thomas Jefferson were horrified, and Madison set to work on not passing the bill, at least not the assumption. The other issue plaguing Congress was where to put the capital. In 1790 it was located in New York, which really wasn't a very good place to put it. Arguments rose. Madison and Jefferson favored Philadelphia as the temp capital and a site on the Potomac River as the permanent site. Alexander Hamilton, who wielded immense influence with Washington, however, wouldn't give in and desperately wanted the capital to remain in New York. Jefferson invited Hamilton and Madison to dinner and a compromise was made over the 2 issues. Hamilton would advocate for Philadelphia/Potomac for the capital; he figured that the capital would probably just end up there anyways. In return, Madison would not openly oppose Hamilton's assumption plan in the House, although he would not vote for it, and Jefferson would not try to sway Washington either way. The compromise was a very good one and history still remembers it, but at the time Hamilton would regret passing up the chance for New York to become another London (although it would) and Jefferson and Madison would regret letting the assumption pass as it made the government more powerful (which was Hamilton's goal as the Federalist party leader).
It actually wasn't the repayment of state debts but the assumption of state debts. In 1790, Alexander Hamilton was the Secretary of the Treasury, Thomas Jefferson Secretary of State, and James Madison a Representative. Congress asked Hamilton for a plan to fix the economic system, and in the span of roughly 3 months Hamilton came out with the first Report on Public Credit, which advocated for the assumption of state debts. Hamilton argued that increasing the government's responsibility increases its authority. James Madison and Thomas Jefferson were horrified, and Madison set to work on not passing the bill, at least not the assumption. The other issue plaguing Congress was where to put the capital. In 1790 it was located in New York, which really wasn't a very good place to put it. Arguments rose. Madison and Jefferson favored Philadelphia as the temp capital and a site on the Potomac River as the permanent site. Alexander Hamilton, who wielded immense influence with Washington, however, wouldn't give in and desperately wanted the capital to remain in New York. Jefferson invited Hamilton and Madison to dinner and a compromise was made over the 2 issues. Hamilton would advocate for Philadelphia/Potomac for the capital; he figured that the capital would probably just end up there anyways. In return, Madison would not openly oppose Hamilton's assumption plan in the House, although he would not vote for it, and Jefferson would not try to sway Washington either way. The compromise was a very good one and history still remembers it, but at the time Hamilton would regret passing up the chance for New York to become another London (although it would) and Jefferson and Madison would regret letting the assumption pass as it made the government more powerful (which was Hamilton's goal as the Federalist party leader).
It actually wasn't the repayment of state debts but the assumption of state debts. In 1790, Alexander Hamilton was the Secretary of the Treasury, Thomas Jefferson Secretary of State, and James Madison a Representative. Congress asked Hamilton for a plan to fix the economic system, and in the span of roughly 3 months Hamilton came out with the first Report on Public Credit, which advocated for the assumption of state debts. Hamilton argued that increasing the government's responsibility increases its authority. James Madison and Thomas Jefferson were horrified, and Madison set to work on not passing the bill, at least not the assumption. The other issue plaguing Congress was where to put the capital. In 1790 it was located in New York, which really wasn't a very good place to put it. Arguments rose. Madison and Jefferson favored Philadelphia as the temp capital and a site on the Potomac River as the permanent site. Alexander Hamilton, who wielded immense influence with Washington, however, wouldn't give in and desperately wanted the capital to remain in New York. Jefferson invited Hamilton and Madison to dinner and a compromise was made over the 2 issues. Hamilton would advocate for Philadelphia/Potomac for the capital; he figured that the capital would probably just end up there anyways. In return, Madison would not openly oppose Hamilton's assumption plan in the House, although he would not vote for it, and Jefferson would not try to sway Washington either way. The compromise was a very good one and history still remembers it, but at the time Hamilton would regret passing up the chance for New York to become another London (although it would) and Jefferson and Madison would regret letting the assumption pass as it made the government more powerful (which was Hamilton's goal as the Federalist party leader).