History of the United States of America, Volume 7 (of 9) : $b During the second administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 7 (of 9) : $b During the second administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
The bargain was completed April 7. At that moment the Treasury was
empty, and could not meet the drafts of the other departments; but
with sixteen millions in hand, five millions of Treasury notes, and
an estimated revenue of something more than nine millions, Gallatin
collected about thirty million dollars, and April 17 wrote to the
Secretaries of War and Navy,[31] allotting to the one thirteen millions
and a quarter, to the other four and a half millions, which could not
be exceeded without the consent of Congress. This done, and every
question having been settled that could be foreseen,--the tax-bills
ready to be laid before Congress, and even the draft for a new
bank-charter prepared,--Gallatin bade farewell to the Treasury, and May
9 sailed from the Delaware River, with Bayard, for the Baltic.
Twelve years had passed since Gallatin took charge of the finances,
and his retirement was an event hardly less serious than a change of
President; for it implied that the political system he had done so
much to create and support stood so near the brink of disaster as to
call him from the chosen field of his duties into a new career, where,
if anywhere, he could save it. As Monroe felt called to the army, so
Gallatin turned naturally to diplomacy. He knew that after another
year of war the finances must be thrown into disorder like that of
the Revolutionary War, beyond the reach of financial skill; and he
believed that if any one could smooth the path of negotiation, that
person was likely to serve best the needs of the Treasury. Yet he took
grave responsibility, of which he was fully aware, in quitting his
peculiar post at a moment so serious. Success alone could save him from
universal censure; and perhaps nothing in his career better proved the
high character he bore, and the extraordinary abilities he possessed,
than the ease with which he supported responsibility for this almost
desperate venture.
Public-domain text, read in full here on John Shaqi.
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