The Constitution of the United States went into effect March 4, 1789, and Congress went into its first session in the City of New York. Two subjects moved it to its depths at once—the impending bankruptcy of the country, and the location of the National Capital. The prevention of the first depended upon the establishment of the latter. The Nation was impoverished by a long and harassing war, and depressed by an enormous debt which that war had caused. The Nation possessed no statistics indicating the resources of the country, and there was no department organized through which fiscal operations could be carried on. The strife between the Northern and Southern States, concerning the location of the Capital, made harmonious financial legislation impossible during the opening session of the first Congress. But the committee appointed to organize a system for the collection of the revenue, were equal to its accomplishment. After four months’ deliberation, July 31, 1789, the first important act connected with the Treasury Department was passed, entitled “An act to regulate the collection of the duties imposed by law on the tonnage of ships or vessels, and on goods, wares and merchandise.” September 2, 1789, the fundamental act establishing the Treasury Department was enrolled as a whole, and passed. The new Department consisted of a Secretary of the Treasury, a Comptroller, an Auditor, a Treasurer, a Registrar, and an assistant to the Secretary of the Treasury. It was decided that the settlement of all public accounts should be in the Treasury Department, making the Secretary of the Treasury the head of the Fiscal Department of the Government, placing him, however, under the authority and requirements of either House of Congress. He superintends the collection and disbursement of the revenue of the United States, from every source derived, except that of the Post Office. He receives the returns of the revenue in general, and reports to Congress all plans of finance, and the final results of his own official action, and that of his subordinates. The first popular candidate for the position of chief of the Treasury Department was Oliver Wolcott, a son of a signer of the Declaration of Independence, and his own services to his country, both under the Colonial Government and the Union, were acknowledged to have been important. Meanwhile Washington, who was more anxious to find out how he was to get money to pay the public debt, than to find a man to pay it, invited his intimate and tried friend, Robert Morris, to give him the benefit of his advice. In one of their interviews, the great chief groaned out: “What is to be done with this heavy national debt?” “There is but one man,” said the astute financier, “who can help you, and that man is Alexander Hamilton. I am glad that you have given me the opportunity to disclose the extent of the obligation I am under to him.”