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On This Day 9/2/1789
9/5/2011 4:48:54 PM

Congress founds United States Treasury

The United States Treasury instution's roots can be traced to 1775, when America's leaders were looking for ways to fund the "American Revolution." Their solution, issuing cash that doubled as redeemable "bills of credit" raised enough capital to fuel the "American Revolution" but also led to the country's first debt.

The Continental Congress attempted to reign in the economy, even forming a pre-Constitutional version of the Treasury. Neither this move, nor the signing of the "Declaration of Independence" which enabled the United States to seek loans from foreign countries proved effective. The debt kept mounting, while war notes rapidly deflated in value.

With the ratification of the American "Constitution" in 1789, the American government established a permanent Treasury Department in hopes of controlling the nation's debt. President George Washington named his former aide-de-camp, Alexander Hamilton to head the new office. The former New York lawyer and staunch Federalist stepped in as Secretary of the Treasury on September 11, 1789.

Alexander Hamilton soon outlined a practical plan for reviving the nation's ailing economy, the government would pay back its seventy-five million dollar war debt and thus repair its badly damaged public credit. Alexander Hamilton had been elected to the Continental Congress from New York in 1782.

Alexander Hamilton demonstrated a near-reactionary political philosophy and quickly became known as a determined proponent of a stronger national government. Alexander Hamilton published several papers with James Madison and John Jay arguing for the ratification of the United States Constitution that are now known as the "Federalist Papers."

As the first Secretary of the Treasury, Alexander Hamilton established most of the centralized monetary institutions of the new nation, including the nation's bank before resigning in January 1795. Alexander Hamilton then returned to the private sector and a law practice in New York City, New York, but remained a close advisor to President Washington.

In 1800, Alexander Hamilton became embroiled in a bitter dispute when he threw his support behind President John Adams re-election campaign instead of Presidential candidate Aaron Burr's. After his defeat, Aaron Burr ran for Governor of New York in 1804. Alexander Hamilton again opposed his candidacy.

Humiliated, Aaron Burr challenged Alexander Hamilton to a duel on July 11, 1804 in Weehawken, New Jersey. Alexander Hamilton was shot in the duel and died of his wound the following day, July 12, 1804, in New York at the age of forty-nine.

(K) (HST)

George Washington American Patriot
American General
President, USA
Alexander Hamilton American Patriot
Secretary of the Treasury
James Madison American Patriot
Presideht, USA
John Jay American Patriot
John Adams American Patriot
President, USA
Aaron Burr American Patriot
Dueled Alexander Hamilton

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