Washington, with a sigh, asked a friend, “What is to be done about
this heavy debt?” “There is but one man in America can tell you,” said
his friend, “and that is Alexander Hamilton.” Washington made Hamilton
Secretary to the Treasury. The success of his financial measures was
immediate and complete. “He smote the rock of the national resources,”
said Daniel Webster, “and abundant streams of revenue gushed forth.
He touched the dead corpse of the public credit, and it sprang upon
its feet.” All the war debts of the States were assumed by the General
Government. Efficient provision was made for the regular payment of
interest, and for a sinking fund to liquidate the principal. Duties
were imposed on shipping, on goods imported from abroad, and on
spirits manufactured at home. The vigour of the Government inspired
public confidence, and commerce began to revive. In a few years the
American flag was seen on every sea. The simple manufactures of the
country resumed their long interrupted activity. A National Bank
was established. Courts were set up, and judges were appointed. The
salaries of the President and the great functionaries were settled. A
home was chosen for the General Government on the banks of the Potomac;
where the capital of the Union was to supplant the little wooden
village--remote from the agitations which arise in the great centres
of population. Innumerable details connected with the establishment of
a new government were discussed and fixed. Novel as the circumstances
were, little of the work then done has required to be undone.
Succeeding generations of Americans have approved the wisdom of their
early legislators, and continue unaltered the arrangements which were
framed at the outset of the national existence.
* * * * *
Thirty years of peace succeeded the War of Independence. There were,
indeed, passing troubles with the Indians, ending always in the sharp
chastisement of those disagreeable savages. [Sidenote: 1804 A.D.] There
was an expedition against Tripoli, to avenge certain indignities which
the barbarians of that region had offered to American shipping. There
was a misunderstanding with the French Directory, which was carried to
a somewhat perilous extreme. [Sidenote: 1789 A.D.] A desperate fight
took place between a French frigate and an American frigate, resulting
in the surrender of the former. But these trivial agitations did not
disturb the profound tranquillity of the nation, or hinder its progress
in that career of prosperity on which it had now entered.
Public-domain text, read in full here on John Shaqi.
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