1790 George Washington - America's credit is restored

 There were significant expenditures during the Revolution and America had to borrow much money from France. Once the fighting ended in 1783, the new U.S. Government needed to pay off it's debt, but lacked the authority to tax or secure any revenue. By 1785, the government had stopped making any payments of interest or principle to France. France began to sell some of these loans to private speculators. American credit had been destroyed. Without good credit, our democratic experiment would be in grave danger of collapsing. In 1789, as Secretary of the Treasury, Alexander Hamilton devised a bold plan to save the American economy. First, the federal government would assume all debt of the states at full value. To raise money to pay off the debts, Hamilton would issue new Securities bonds. Second, he proposed a central bank modeled after the Bank of England. Third, he would help to make American manufacturers self sufficient by adopting a mercantilist economic policy. The American economy had traditionally relied on large-scale agricultural exports to pay for the importing of British manufactured goods. Using subsidies and tariffs, Hamilton would help fledgling American producers compete with inexpensive European imports.

 This new economic policy drove a wedge between Washington's cabinet members and split the Federalist party. Thomas Jefferson despised a mercantilist economy and feared that it concentrated power into a coalition of a few northern business men. James Madison was opposed to the assumption of state's debt, as the original holders of the debts would not share in the profit. Many of the original holders were soldiers of the war who sold their securities at a loss. Nevertheless, President Washington backed Hamilton's plan and in late 1790 he was happy to announce that the federal government was able to obtain a new loan of 3 million florins from Holland at a very low interest rate. America's credit was restored!

 Here are the words Washington delivered to congress in his second annual address:

 "The progress of public credit is witnessed by a considerable rise of American stock abroad as well as at home, and the revenues allotted for this and other national purposes have been productive beyond the calculations by which they were regulated. This latter circumstance is the more pleasing, as it is not only a proof of the fertility of our resources, but as it assures us of a further increase of the national respectability and credit, and, let me add, as it bears an honorable testimony to the patriotism and integrity of the mercantile and marine part of our citizens. The punctuality of the former in discharging their engagements has been exemplary.
 In conformity to the powers vested in me by acts of the last session, a loan of 3,000,000 florins, toward which some provisional measures had previously taken place, has been completed in Holland. As well the celerity with which it has been filled as the nature of the terms (considering the more than ordinary demand for borrowing created by the situation of Europe) give a reasonable hope that the further execution of those powers may proceed with advantage and success. The Secretary of the Treasury has my directions to communicate such further particulars as may be requisite for more precise information."

Ultimately, it took a great compromise to get everyone on board. The compromise of 1790 landed our new capital in the agrarian states of Maryland and Virginia, while Hamilton got his Assumption Bill. It was the first great compromise of the new federal government, and many believed saved the Union from dissolving.
http://www.blinn.edu/brazos/socialscience/hist/jgorman/1301/HAMILTON.pdf
https://history.state.gov/milestones/1784-1800/loans
http://founders.archives.gov/documents/Jefferson/01-17-02-0124