U.S. Treasury Department Founded
U.S. Treasury Department Founded
In the wake of the American Revolution, Congress established the Treasury Department on September 2, 1789.
During the Revolutionary War, the new American government needed a way to pay for the mounting costs of battle. Congress first appointed a pair of Joint Continental Treasurers to manage finances. After declaring its independence in 1776, America became a sovereign nation that could secure loans from other countries. To oversee the influx of foreign and American money, Michael Hillegas was appointed Treasurer of the United States on May 14, 1777. He was followed by Robert Morris as Superintendent of Finance.
On March 4, 1789, Congress met for the first time under the Constitution. Later that year, on September 2, Congress created a permanent position to manage government finances – Secretary of the Treasury. Alexander Hamilton was made the first Secretary of the Treasury on September 11.
Hamilton was responsible for laying the groundwork for our nation’s economic policies. He established a national bank, a tariff system on imports, and friendly relations with England.
The Treasury Department has been reorganized and changed over the past 225 years, though it’s mission is the same – ensure the nation’s financial security. Since its beginning, the U.S. has had debt, usually as a result of war. To cover these costs, money is borrowed from foreign governments and private citizens. The Treasury also advises Congress on financial policies within the country and with other governments, which includes trade agreements and taxes.
Other Treasury Secretaries Honored on U.S. Stamps
With Thomas Jefferson’s election to President in 1801, Albert Gallatin began a 13-year service as U.S. Secretary of the Treasury – the longest of any person in this position. In this role, he successfully balanced the federal budget and was largely responsible for avoiding a tax increase following the Louisiana Purchase. He also helped map out the Lewis and Clark Expedition.
Banker, businessman, and industrialist Andrew W. Mellon became Secretary of the Treasury in 1921. He was tasked with reducing America’s large debt following World War I. He overhauled the tax system and cut the federal debt by $10 billion dollars in under 10 years.
Click the images to add this history to your collection.
13 responses to "U.S. Treasury Department Founded "
13 thoughts on “U.S. Treasury Department Founded ”
Great information. Thanks, Mystic.
I will never be able to thank you enough for introducing us to our History with stamps.
I am starting two new collections for my grand kids.
I love history and this method is one of the Best approach I have seen.
I wish every American History class had these print outs and the
students could collect the stamps like I did when we were collecting
stamps years ago in school to earn a U.S. Bond. This helped to
attribute to the Pride we had for and in our Country.
Thank you again.
You have opened up a new World of History for me.
This could not have been said any better. Thanks Mystic Stamp Company for the time and effort put forth to send us this information and how it relates to stamps.
Great money wizards were they !!!!
Today in history.. Great feature ! Will keep me thinking about Mystic everyday !
I like to read history of the American Revolution years. I learned something new this morning about the Burr-Hamilton duels (emphasis on â€œduelsâ€). There were two duels. Following is the statement under the Hamilton stamp: – Glenn Harper
Once an impoverished immigrant orphan, Alexander Hamilton became George Washingtonâ€™s most trusted aide, a lawyer, and the first Secretary of the Treasury. As Secretary of the Treasury, Hamilton established the first Bank of the United States and proposed the seagoing branch of the military that eventually became the U.S. Coast Guard. He also played a crucial role in the passage of the Naval Act of 1794, which led to the creation of the U.S. Navy.
â€œLong-time acquaintances during the fight for independence, Hamilton and Vice President Aaron Burr later became bitter political rivals. When a Burr supporter insulted Hamiltonâ€™s fatherâ€™s honor in 1801, 19-year-old Philip Hamilton challenged him to a duel. Philip Hamilton died of injuries he suffered during the duel, which was held in Weehawken, NJ. Three years later, Burr killed Alexander Hamilton in a duel in exactly the same location with the same pistol used to kill Hamiltonâ€™s son.â€
Birth: Jan. 22, 1783
New York, USA
Death: Nov. 23, 1801
New Jersey, USA
Eldest and favorite son of Alexander Hamilton and his wife, Elizabeth Schuyler Hamilton. Grandson of General Philip Schuyler. Philip was killed in a duel, on almost exactly the same spot where his father was to be struck by Aaron Burr’s bullet three years later, in Weehawken, New Jersey. Hamilton never recovered from his son’s death and, when he and “Betsey” welcomed their eighth and last child after Philip’s death, they named the little boy Philip, in memory of his elder brother. Philip is buried in Trinity Churchyard in lower Manhattan, not far from the graves of his parents and the grave of his celebrated aunt, Angelica Schuyler Church.
I am 80 years old. I have been a stamp collector since my early teens. Just wish that this wonderful historical series could have been in place back then.
I also hope that current adult collectors will share the series with their children.
I am 68 I have been collecting since I was seven. my grandfather collected, used mystic, and my great grandfather. I love my hobby
Great addition to what is generally remembered about Hamilton.
Didn’t learn much in high school,(to busy) didn’t do much better in college, how i got a degree is beyond me.Now at 63 i am learning every day about the Civil war, WWI, WWII, and lots more, Please keep up the good ,My grandson and i really look forward to this every day. Thanks again????????
I am, @bbinva8
I started collecting stamps in 1958. I amazed my teachers in elementary school when I seemed to know more history than other students. That knowledge came from commemoratives and definitives of historical events and US Presidents. Thanks for sharing these mini history lessons. I will be printing them out for my grandchildren so that they can have as much fun collecting stamps and absorbing history as I did. Thanks, Don.
I had a similar experience of Raymond V. Mine was a little different in that I collect world wide and in doing so learned a great deal about world geography. I’m 78 and still collecting with specialties in US, Germany, Great Britain, and Liechtenstein. I started when I was 8 with one(1) Master Global and now it has grown to 34 books.