The Department Of The Treasury 1789 Pewter Token, Scale, Stars and Key
The Department Of The Treasury 1789 Pewter Token, Images On The Treasury Seal, Scale, Below Scale, 13 Stars that Meet To a Point, Below Stars, a Key, Both Sides Of Coin are The Same.
The history of the Department of the Treasury began in the turmoil of the American Revolution when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775, only a few days after the Battle of Bunker Hill, Congress issued $2 million in bills, on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency.
On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to Joint Continental Treasurers, George Clymer, and Michael Hillegas. Congress stipulated that each of the colonies contribute to the Continental government's funds.
Hamilton and the Establishment of the Department of the Treasury
The First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely, a Secretary of the Treasury, to be deemed head of the department a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury, which assistant shall be appointed by the said, Secretary. Alexander Hamilton served as the first Secretary of the Treasury from 1789 to 1795. One of the most brilliant statesmen of the early American republic, he was killed in a duel in 1804. (Treasury Collection) Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton had served as George Washington's aide-de-camp during the Revolution and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a logical choice for solving the problem of the new nation's heavy war debt. Hamilton's first official act was to submit a report to Congress in which he laid the foundation for the nation's financial health. To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of the country's war debt of $75 million in order to revitalize the public credit. "The debt of the United States' was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States and suggested that government revenues be based upon customs duties. His sound financial policies also inspired investment in the Bank of the United States, which acted as the government's fiscal agent.
Item Code - MEMSOU1E231FDZ1A2
Width: 1 1/2" Height: 1 1/2" Weight: 20 g
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