▁a ▁luc r ative ▁deb t ▁adjust ment ▁for ▁their ▁state ▁of ▁Virginia ▁from ▁Hamilton , ▁as ▁part ▁of ▁the ▁b arg ain . ▁ ▁Hamilton , ▁Mad ison , ▁and ▁Jefferson ▁" as ▁highly ▁placed ▁as ▁they ▁were , ▁lack ed ▁the ▁influence ▁to ▁determine ▁by ▁themselves ▁the ▁vote ▁on ▁two ▁such ▁controvers ial ▁pieces ▁of ▁legisl ation ," ▁and ▁the ▁outcome ▁was ▁beyond ▁the ▁direct ▁control ▁of ▁any ▁single ▁group ▁or ▁individual . ▁ ▁Ass umption ▁Histor ian ▁Max ▁M . ▁Ed ling ▁explained ▁how ▁assumption ▁worked . ▁It ▁was ▁the ▁critical ▁issue ; ▁the ▁location ▁of ▁the ▁capital ▁was ▁a ▁b arg aining ▁p loy . ▁Hamilton ▁proposed ▁that ▁the ▁federal ▁Tre as ury ▁take ▁over ▁and ▁pay ▁off ▁the ▁deb t ▁states ▁had ▁in cur red ▁to ▁pay ▁for ▁the ▁American ▁Revolution ary ▁War . ▁The ▁Tre as ury ▁would ▁issue ▁b onds ▁that ▁rich ▁people ▁would ▁buy , ▁thereby ▁giving ▁the ▁rich ▁a ▁tang ible ▁st ake ▁in ▁the ▁success ▁of ▁the ▁national ▁government . ▁Hamilton ▁proposed ▁to ▁pay ▁off ▁the ▁new ▁b onds ▁with ▁re venue ▁from ▁a ▁new ▁tar iff ▁on ▁imports . ▁Jefferson ▁originally ▁approved ▁the ▁scheme , ▁but ▁Mad ison ▁had ▁turned ▁him ▁around ▁by ▁arg uing ▁that ▁federal ▁control ▁of ▁deb t ▁would ▁cons olid ate ▁too ▁much ▁power ▁in ▁the ▁national ▁government . ▁ ▁Ed ling ▁pointed ▁out ▁that ▁after ▁its ▁passage ▁in ▁ 1 7 9 0 , ▁the ▁assumption ▁was ▁accepted . ▁Mad ison ▁tried ▁to ▁pay ▁spec ul ators