Welcome to my second annual Founding Fathers week!
Arguably the most significant deal in American history was made in 1790, when Hamilton acquiesced to moving the capital to what became Washington, D.C. in exchange for the assumption of state Revolutionary War debt. Since our fearless leader has taught us that there is a winner and a loser in every agreement, who won this one in the long run?
Hamilton, by a mile. The assumption of state war debt tied the states together and was the first big step in the foundation of our financial system. Moving the capital south, on the other hand, did not really enhance the political power of the southern states, and did not create a southern economic and cultural alternative to New York or Philadelphia.