Mr. Gallatin soon realized the magnitude of his task. He did nothing by
halves. To whatever work he had to do, he brought the best of his
faculty. No man ever better deserved the epithet of "thorough." He
searched till he found the principle of every measure with which he had
concern and understood every detail of its application. This perfect
knowledge of every subject which he investigated was the secret of his
political success. As a committee man, he was incomparable. No one could
be better equipped for the direction of the Treasury Department than he,
but he was not satisfied with direction; he would manage also; and he
went to the work with untiring energy. A quarter of a century later he
said of it, in a letter to his son, "To fill that office in the manner I
did, and as it ought to be filled, is a most laborious task and labor of
the most tedious kind. To fit myself for it, to be able to understand
thoroughly, to embrace and control all its details, took from me, during
the two first years I held it, every hour of the day and many of the
night and had nearly brought on a pulmonary complaint. I filled the
office twelve years and was fairly worn out."
Mr. Gallatin first drew public attention to his knowledge of finance in
the Pennsylvania legislature. An extract from his memorandum of his
three years' service gives the best account of this incident. In it
appear the carefully matured convictions which he inflexibly maintained.
"The report of the Committee of Ways and Means of the session
1790-1791 (presented by Gurney, chairman) was entirely prepared by
me, known to be so, and laid the foundation of my reputation. I was
quite astonished at the general encomiums bestowed upon it, and was
not at all aware that I had done so well. It was perspicuous and
comprehensive; but I am confident that its true merit, and that
which gained me the general confidence, was its being founded in
strict justice without the slightest regard to party feelings or
popular prejudices. The principles assumed, and which were carried
into effect, were the immediate reimbursement and extinction of the
state paper money, the immediate payment in specie of all the
current expenses or warrants on the Treasury (the postponement and
uncertainty of which had given rise to shameful and corrupt
speculations), and provision for discharging, without defalcation,
every debt and engagement previously recognized by the State. In
conformity with this, the State paid to its creditors the
difference between the nominal amount of the state debt assumed by
the United States and the rate at which it was funded by the act of
Congress.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account