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On June 19, 1790, while walking to President Washington’s residence in New York, Jefferson encountered none other than the Secretary of the Treasury.
Click to listen to clip from Hamilton, the musical:
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Washington's Mansion in New York City by George Hayward (New York Public Library).
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His look was somber, haggard, and dejected...Even his dress uncouth and neglected
- Jefferson, 1792*
I proposed to him however to dine with me the next day, and I would invite another friend or two, bring them into conference together, and I thought it impossible best that reasonable men, consulting together cooly, could fail, by some mutual sacrifices, of opinion, to form a compromise which was to save the union, the discussion took place. I could take no part in it, but an exhortatory one.
- Jefferson, 1818
The only first-hand account of the bargain comes from Jefferson, who "distorts the truth by conveniently eliminating the preliminary negotiations, thereby giving the story a more romantic gloss."[24]
The Dinner:
Date: June 20, 1790
Location: 37 Maiden Lane, NYC (Jefferson's residence)
Attendees: Jefferson, Hamilton, and Madison
Location: 37 Maiden Lane, NYC (Jefferson's residence)
Attendees: Jefferson, Hamilton, and Madison
I opened the subject to them, acknowledged that my situation had not permitted me to understand it sufficiently but encouraged them to consider the thing together.
- Jefferson, 1792
To solve the stalemate over assumption, Madison proposed to help garner votes for the bill, however,
it was observed that this pill would be peculiarly bitter to the Southern states, and that some concomitant measure should be adopted to sweeten it a little to them.
- Jefferson, 1818
The national capital was just the compensation that they were looking for.
“it was thought that by giving [the seat of government] to Philadelphia for ten years, and to George town permanently afterwards, this might, as an anodyne, calm in some degree the ferment which might be excited by the other measure alone”
- Jefferson, 1818
Jefferson's Account from 1792:
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Jefferson's Account from 1818:
Hamilton agreed to:
- Support the relocation of the capital to the Potomac.
- Lower the total amount assumed from $25 million to $21.5 million.
- Resettle Virginia’s debt, making the amount assumed equal to the amount owed in federal taxes.
This last dimension of the deal was not terribly attractive, so Jefferson left it out of his account altogether.[25]
Section 13 of the Funding Act of 1790, detailing assumption (Library of Congress).
Being therefore to receive exactly what she is to pay, [Virginia] will neither lose nor gain by the measure. In its present form it will very little affect the interest of Virginia in either way.[26] |
Jefferson to George Gilmer, July 25, 1790 (Library of Congress).
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