The key provision of Secretary Hamilton's First Report on the Public Credit won approval with the passage of the Assumption Act, establishing the foundation for public credit.Ellis, 2000, p. 80 The Residence Act resulted in the permanent U.S. capital being located in the agrarian states of Maryland and Virginia, the demographic center of the country at the time,Ellis, 2000, p. 70, p. 79 rather than in a metropolitan and financial center such as New York City or Philadelphia.Burstein & Isenberg, 2010, pp. 219–220 Jefferson and Madison secured a lucrative debt adjustment for their state of Virginia from Hamilton, as part of the bargain.Ellis, 2000, pp. 96–97Staloff, 2005, p. 73
