Dinner Table Bargain - Establishing America - One Minute History

The first Congress of the United States faced a deadlock over relocating the government seat and creating a national bank. James Madison and the Southern states wanted the capital moved to the Potomac River, while Alexander Hamilton and the Northern states pushed for a national bank and debt assumption. Thomas Jefferson mediated a compromise: Southerners would not oppose debt legislation if Northerners supported moving the capital. This led to the passage of the Residents and Funding Acts of 1790, establishing US credit and enabling the Louisiana Purchase.

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