History of the United States of America, Volume 9 (of 9) : $b During the second administration of James MadisonAdams, Henry
History
History of the United States of America, Volume 9 (of 9) : $b During the second administration of James Madison
Adams, Henry
United States -- History -- 1801-1809; United States -- History -- 1809-1817
With this tendency, the national prosperity and the state of the
Treasury had much to do. Dallas carried out his purpose, and in October
quitted the Treasury. In retiring, he left with the President a sketch
of the condition of the finances such as no previous secretary had been
so fortunate as to present. For the year ending Sept. 30, 1816, the
receipts amounted to $47,670,000.[149] From the customs, which Dallas
had estimated at $21,000,000, duties to the amount of $36,000,000 were
received. A surplus of more than $20,000,000 was likely to accumulate
in the Treasury before the close of the year.
Old ideas of economy and strict restraints on expenditure could not
long maintain themselves in the presence of such an income; but besides
the temptation to expand the sphere of government in expenditures,
other influences were at work to establish Federalist principles in the
system itself. Dallas remained in office chiefly in order to organize
the Bank, and to render certain the resumption of specie payments. When
he retired, in October, 1816, both objects were practically attained.
His administration of the Treasury had then lasted two years. He found
the government bankrupt; he left it with a surplus of twenty millions
for the year. His measures not only relieved the country from financial
disorders equalled only by those of the Revolutionary War, but also
fixed the financial system in a firm groove for twenty years. He
failed only in his attempt to obtain from Congress a larger degree of
protection for domestic industries. Had his scheme of protection been
adopted, possibly the violence of subsequent changes in revenue and
legislation might have been moderated, and certainly the result could
have been no more mischievous than it was.
Dallas retired to private life by his own wish, and the public three
months afterward heard with surprise and regret the news of his
sudden death. Like most of the men who rendered decisive services
during the war, he received no public reward commensurate with his
deserts. He fared better than Armstrong, who created the army; but
even Gallatin, who shaped the diplomatic result, was content to retire
into the comparative obscurity of the mission to Paris; while Perry
and Macdonough, whose personal qualities had decided the fortunes of
two campaigns and won the military basis on which peace could be
negotiated, received no more reward than fell to the lot of third-rate
men. In the case of Dallas and Gallatin, the apparent neglect was
their own choice. Gallatin might have returned to the Treasury, but
declined it; and the President transferred W. H. Crawford from the War
Department to the charge of the finances, while Clay was offered the
War Department in succession to Crawford.
Public-domain text, read in full here on John Shaqi.
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