History of the United States of America, Volume 4 (of 9) : $b During the second administration of Thomas JeffersonAdams, Henry
History
History of the United States of America, Volume 4 (of 9) : $b During the second administration of Thomas Jefferson
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
In the country and in Congress, not only was Jefferson supreme, but
his enemies were prostrate. Federalism in New England, for the first
time, lay helpless under his feet; Burr and the “little band” in
New York were crushed; the creoles in New Orleans, and the Western
revolutionists, with Wilkinson at their head, were cowering before
the outburst of patriotism which struck their projects dead. The hand
of government rested heavily on them, and threatened nobler prey.
Even Chief-Justice Marshall felt himself marked for punishment; while
Monroe and Randolph were already under ban of the republic. These were
triumphs which outweighed foreign disasters, and warranted Jefferson in
self-confidence; but they were chiefly due to the undisputed success
of his financial management. Jefferson and Madison, Dearborn and Robert
Smith, might do what they would, so long as they left Gallatin free
to control the results of their experiments; for Gallatin redeemed
the mistakes of his party. Madison’s foreign policy had brought only
trouble to the government; Dearborn’s army had shown itself to be more
dangerous to the Union than to its enemies; Smith’s gunboats were a
laughing-stock; but Gallatin never failed to cover every weak spot in
the Administration, and in October, 1807, the Treasury was profuse of
prosperity. Congress might abolish the salt tax and Mediterranean Fund
alike, and still the customs would yield fourteen millions a year;
while the sales of public lands exceeded 284,000 acres and brought
another half million into the Treasury. December 31, after providing
for all payments of public debt, Gallatin had a balance of seven
millions six hundred thousand dollars on hand. During the Presidency
of Jefferson, twenty-five and a half millions had been paid to redeem
the principal of the public debt, and only the restraints imposed by
the law prevented more rapid redemption. Even in case of war, Gallatin
offered to sustain it for a year without borrowing money or increasing
taxes.
Public-domain text, read in full here on John Shaqi.
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