Who is referred to as the "Father of the National Debt" due to his promotion of national assumption of state debts?

The title of "Father of the National Debt" is attributed to Alexander Hamilton because of his pivotal role in the establishment of a national financial system in the early years of the United States. As the first Secretary of the Treasury, Hamilton advocated for the federal government to assume the debts incurred by the states during the Revolutionary War. He believed that taking on these debts would not only establish the nation's credit but also create a unified financial system that could promote economic stability and growth.

Hamilton's financial policies included the creation of the Bank of the United States and the imposition of tariffs to generate revenue. By promoting the national assumption of state debts, he aimed to reinforce the idea of federal power and responsibility, asserting that a strong central government was essential for the country's success. This approach allowed for the consolidation of debt under federal control, which ultimately helped to forge stronger financial ties among the states and the federal government, thereby contributing to the foundation of modern American fiscal policy.