Notwithstanding all this, and with every motive to recognize in the fullest extent the honors won by the American navy, the cool and candid decision of history should be that Mr. Gallatin was essentially in the right. A few years of care and economy were alone necessary in order to secure the certainty of national power, and that power would be so safe in its isolation as to be able to dispense with great armies and navies. The real injury suffered by Great Britain in the war of 1812 was not in the loss of half a dozen vessels of war out of her eight hundred in commission, but in the ravages of our privateers on her commercial marine. As a matter of fact the United States have continued to act on Mr. Gallatin's theory; government has never pretended to protect the national commerce by a powerful navy; no navy, not even that of Great Britain, could protect it in case of war. That commerce has continued to flourish without such protection. Every one concedes that it would be the wildest folly even now, with forty millions of people and a continent to protect, for America to establish a proportionate navy. Every smatterer in finance knows that, inefficient as the existing navy is, hundreds of millions have been uselessly expended upon it. There could be no more instructive thesis proposed to future Secretaries of the Treasury than to ask themselves on entering into office, "What would Mr. Gallatin wish to do with the navy were he now in my place?" But opposition to a navy was only a detail in Mr. Gallatin's theory of American finance, and his plans extended over a far wider range than could be comprehended within the limits of one or many speeches. The debate on the British treaty had, no doubt, won him a large share of attention, but the essentials of power in a deliberative body are only to be secured by labor and activity and by mastery of the business in hand. Mr. Gallatin knew perfectly well what was to be done, and lost no time in acting. Before the House had been ten days in session, on the 17th December, 1795, he brought forward a resolution for the appointment of "a committee to superintend the general operations of finance. No subject," said he, "more requires a system, and great advantages will be derived from it." This is the origin of the standing Committee of Ways and Means, the want of which hitherto he ascribed, it seems, to Mr. Hamilton's jealousy of legislative supervision. On the 21st December the resolution was adopted and a committee of fourteen appointed, Mr. William Smith, of South Carolina, being chairman, supported by Theodore Sedgwick, Madison, Gallatin, and other important members of the House.