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112-532: It allowed the FDIC to borrow directly from the Treasury department and mandated that the FDIC resolve failed banks using the least costly method available. It also ordered the FDIC to assess insurance premiums according to risk and created new capital requirements. Title I, § 131(a), Prompt Corrective Action , mandates progressive penalties against banks that exhibit progressively deteriorating capital ratios. At

224-499: A Continental ". The office has, since the late 18th century, been customarily referred to as the singular "Treasury", without any preceding article , as a remnant of the country's transition from British to American English . For example, the department notes its guiding purpose as "Treasury's mission" instead of "the Treasury's mission." Robert Morris was designated Superintendent of Finance in 1781 and restored stability to

336-542: 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 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

448-411: A box filled with U.S. currency, including a number of thousand-dollar bills, and reported it to Secretary Spinner. U.S. President Abraham Lincoln subsequently honored her with a commendation for her actions, and the federal government rewarded her with an appointment for life as a messenger with its Department of Issues. The U.S. Congress transferred several agencies that had previously been under

560-670: A century later as the Revenue Cutter Service, it and the U.S. Life-Saving Service were merged in 1915 to form the United States Coast Guard . After the passage of the Tariff of 1789, various other plans were considered to address the debt issues during the first session of Congress, but none were able to generate widespread support. In September 1789, with no resolution in sight and the close of that session drawing near, Congress directed Secretary of

672-454: A contemporary president and vice-president." In the Senate, Adams played a more active role, particularly during his first term. He often participated in debates in the Senate. On at least one occasion, Adams persuaded senators to vote against legislation he opposed, and he frequently lectured the body on procedural and policy matters. He cast 29 tie-breaking votes . His first incursion into

784-471: A fatigued Washington returned to his estate in Virginia, Mount Vernon . He seemed intent on resuming his retirement and letting others govern the nation with its new frame of government. The American public at large, however, wanted Washington to be the nation's first president. The first U.S. presidential campaign was in essence what today would be called a grassroots effort to convince Washington to accept

896-410: A group of militia members seeking Neville fired on a group of federal soldiers, causing casualties on both sides. Following this confrontation, the militia captured a federal marshal and continued to clash with federal forces. As word of this rebellion spread across the frontier, a whole series of loosely organized resistance measures were taken, including robbing the mail, stopping court proceedings, and

1008-497: A keener relish for them, or who may have more years, in-store, for the enjoyment." In an October 1788 letter, Washington further expounded on his feelings regarding the election, stating, I should unfeignedly rejoice, in case the Electors, by giving their votes to another person would save me from the dreaded dilemma of being forced to accept or refuse... If that may not be–I am, in the next place, earnestly desirous of searching out

1120-479: A letter to Edward Rutledge that in accepting the presidency, he had given up "all expectations of private happiness in this world." The Congress of the Confederation had set March 4, 1789, as the date for the beginning of operations of the new federal government under the new Constitution. Owing to the formidable difficulties of long-distance travel in 18th-century America, Congress was unable to reach

1232-604: A portion of the debt of other states if the federal government assumed it, were disinclined to accept the proposal. Many in Congress argued that the plan was beyond the constitutional power of the new government. James Madison led the effort to block the provision and prevent the plan from gaining approval. Others contended that the debts should be repudiated, and the United States should refuse to pay them. Washington supported Hamilton's plan but refused to become involved in

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1344-670: A quorum until April. The House finally achieved a quorum on April 1, and the Senate on April 6, at which time the electoral votes were counted. Washington and Adams were certified as elected. Adams arrived in New York on April 20 and was inaugurated as vice president on the next day. On his way to New York City, Washington received triumphal welcomes in almost every town he passed through, including Alexandria, Virginia ; Georgetown, Maryland ; Baltimore ; Philadelphia ; and Trenton . He arrived in New York City on April 23, where he

1456-403: A strong, stable federal government, hoped to retire rather than seek a second term. He complained of old age, sickness, the in-fighting plaguing his cabinet, and the increasing hostility of the partisan press. The members of his cabinet—especially Jefferson and Hamilton—worked diligently through the summer and autumn to persuade Washington not to retire. They apprised him of the potential impact

1568-730: A transitional remnant from British to American English . Hamilton's portrait appears on the obverse of the ten-dollar bill , while the Treasury Building in Washington, D.C. is depicted on the reverse . 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

1680-430: A uniform impost on goods carried by foreign ships, while also establishing a much smaller tax on goods carried by American-owned ships. The tariffs established by this and later acts would make up the vast majority of government revenue; more than 87 percent of the federal government's revenue between 1789 and 1800 came from import duties. To enable the federal government to collect the import duties, Congress also passed

1792-461: A war of independence against Great Britain . The 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 ,

1904-607: Is a stub . You can help Misplaced Pages by expanding it . United States Department of the Treasury The Department of the Treasury ( USDT ) is the national treasury and finance department of the federal government of the United States , where it serves as an executive department . The department oversees the Bureau of Engraving and Printing and the U.S. Mint . These two agencies are responsible for printing all paper currency and minting coins , while

2016-470: Is a member of the Cabinet . The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes . The department was established by an Act of Congress in 1789 to manage government revenue . The first secretary of the treasury was Alexander Hamilton , who

2128-621: The American Revolutionary War and was influential in the ratification of the Constitution. Hamilton's financial and managerial acumen made him a logical choice for addressing the problem of the new nation's heavy war debt . His first official act as secretary 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

2240-554: The Bank of the United States , which acted as the government's fiscal agent . The Department of Treasury believes their seal was created by Francis Hopkinson , the treasurer of loans. He submitted bills to Congress in 1780 that authorized the design of department seals, including a seal for the Board of Treasury. While it is not certain that Hopkinson designed the seal, it closely resembles others he created. In 1861, Sophia Holmes became

2352-653: The Democratic-Republican Party . While criticized for furthering the partisanship he sought to avoid by identifying himself with Hamilton, Washington is nonetheless considered by scholars and political historians as one of the greatest presidents in American history , usually ranking in the top three with Abraham Lincoln and Franklin D. Roosevelt . Following the Philadelphia Constitutional Convention of 1787,

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2464-695: The Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB). Effective March 1, 2003, the Federal Law Enforcement Training Center , the United States Customs Service , and

2576-689: The Department of War , the Ministry of Foreign Affairs , and the Finance Office . The Ministry of Foreign Affairs was re-established on July 27, 1789, and would be renamed to the Department of State in September. The Department of War was retained on August 7, while the Finance Office was renamed as the Department of the Treasury on September 2. Congress also considered establishing a Home Department to oversee Native American affairs,

2688-589: The District of Columbia , and, in accordance with the Constitution, named Congress as its exclusive governing authority . One of the most pressing issues facing the First Congress during its inaugural session was the issue of how to raise revenue for the federal government. Because direct taxes were politically unfeasible, Congress turned to the tariff as the main source of funding. The tariffs could also protect nascent American manufacturing by increasing

2800-647: The Federalist Party . Washington, who had established his preeminence among the new nation's Founding Fathers through his service as Commander-in-Chief of the Continental Army during the American Revolutionary War and as president of the 1787 constitutional convention , was widely expected to become the first president of the United States under the new Constitution , though he desired to retire from public life. In his first inaugural address , Washington expressed both his reluctance to accept

2912-527: The Mid-Atlantic (Hamilton), and two Southerners (Jefferson and Randolph). Washington considered himself to be an expert in both foreign affairs and the Department of War, and as such, according to Forrest McDonald , "he was in practice his own Foreign Secretary and War Secretary." Jefferson left the cabinet at the end of 1793, and was replaced by Randolph, while William Bradford took over as Attorney General. Like Jefferson, Randolph tended to favor

3024-521: The Necessary and Proper Clause would grant Congress the power to legislate on any subject. In 1792, with their relationship completely ruptured, Jefferson unsuccessfully tried to convince Washington to remove Hamilton, but Washington largely supported Hamilton's ideas, believing that they had led to social and economic stability. Dissonance over Hamilton's proposals also irrevocably broke the relationship between Washington and Madison, who had served as

3136-496: The Twelfth Amendment , each elector cast two votes for the presidency, though the electors were not allowed to cast both votes for the same person. Under the terms of the constitution, the individual who won the most electoral votes would become president while the individual with the second-most electoral votes would become vice president. Each state's votes were sealed and delivered to Congress to be counted. Before

3248-529: The United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS") . In 2020, the Treasury suffered a data breach following a cyberattack likely conducted by a nation state adversary , possibly Russia. This was in fact the first detected case of the much wider 2020 United States federal government data breach , which involved at least eight federal departments. The basic functions of

3360-748: The Whiskey Rebellion , which arose in opposition to the administration's taxation policies. He directed the Northwest Indian War , which saw the United States establish control over Native American tribes in the Northwest Territory . In foreign affairs, he assured domestic tranquility and maintained peace with the European powers despite the raging French Revolutionary Wars by issuing the 1793 Proclamation of Neutrality . He also secured two important bilateral treaties,

3472-888: The White House (then called the President's House ) was begun in 1792. Washington laid the cornerstone for the United States Capitol (then called the Congress House ) on September 18, 1793. John Adams, Washington's successor, moved into the White House in November 1800; that same month, Congress held its first session in the Capitol. The following February, Congress approved the District of Columbia Organic Act of 1801 , which officially organized

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3584-432: The federal city . Washington announced his selection of a site on January 24, 1791, and planning for the new city began afterward. Washington personally oversaw this effort through the end of his presidency. In September 1791, the commissioners named the nascent city Washington, in the president's honor, and the district Columbia , which was a poetic name for the United States commonly in use at that time. Construction on

3696-678: The judicial branch of the federal government, but left several issues to the discretion of Congress or the president. Unresolved issues included the size of the Supreme Court , the identity of the first Supreme Court Justices, the number and establishment of federal courts below the Supreme Court, and the relationship between state and federal courts. In September 1789, Congress passed the Judiciary Act of 1789 , primarily written by Connecticut Senator Oliver Ellsworth . Through

3808-627: The 1794 Jay Treaty with Great Britain and the 1795 Treaty of San Lorenzo with Spain, both of which fostered trade and helped secure control of the American frontier . To protect American shipping from Barbary pirates and other threats, he re-established the United States Navy with the Naval Act of 1794 . Greatly concerned about the growing partisanship within the government and the detrimental impact political parties could have on

3920-620: The Collection Act of 1789, which established the United States Customs Service and designated ports of entry . One year later, the Revenue-Marine was established when Washington signed legislation authorizing construction of ten cutters to enforce federal tariff and trade laws and to prevent smuggling. Until Congress established the Navy Department in 1798, it served as the nation's only armed force afloat. Renamed

4032-462: The Constitution, as were the subsequent states that Congress admitted to the Union. The act also established circuit courts and district courts within these districts. The circuit courts, which were composed of a district judge and (initially) two Supreme Court justices "riding circuit", had jurisdiction over more serious crimes and civil cases and appellate jurisdiction over the district courts, while

4144-497: The Continental Congress could never agree on a site due to regional loyalties and tensions. New York City had served as the nation's temporary capital since 1785 but had never been intended to serve as a permanent capital. The city made numerous improvements in preparation for the new government, and the old City Hall was remodeled by Pierre L'Enfant to become Federal Hall . The Constitution said nothing about where

4256-489: The Continental Congress issued $ 2 million in bills; on July 25, 28 citizens of Philadelphia were employed by 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

4368-688: The Department of the Treasury include: With respect to the estimation of revenues for the executive branch , Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress. From 1830 until 1901, responsibility for overseeing weights and measures

4480-489: The French Revolutionary Wars might have on the country and insisted that only someone with his popularity and moderation could lead the nation effectively during the volatile times ahead. In the end, "Washington never announced his candidacy in the election of 1792," wrote John Ferling in his book on Washington, "he simply never said that he would not consider a second term." The 1792 elections were

4592-541: The French in foreign affairs, but he held very little influence in the cabinet. Knox, Hamilton, and Randolph all left the cabinet during Washington's second term; Randolph was forced to resign during the debate over the Jay Treaty. Timothy Pickering succeeded Knox as Secretary of War, while Oliver Wolcott became Secretary of the Treasury and Charles Lee took the position of Attorney General. In 1795, Pickering became

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4704-610: The Judiciary Act, Congress established a six-member Supreme Court, composed of one Chief Justice and five Associate Justices . The act also created thirteen judicial districts, along with district courts and circuit courts for each district. As the first president, Washington was responsible for appointing the entire Supreme Court. As such, he filled more vacancies on the Court than any other president in American history. On September 24, 1789, Washington nominated John Jay as

4816-626: The Potomac capital concept would fail without additional northern support, made use of an opportunity provided by an encounter with Hamilton to stage an informal dinner meeting at which interested parties could discuss a " mutual accommodation ." The deal subsequently struck, known as the Compromise of 1790 , cleared the way for passage, in July 1790, of the Residence Act . The act transferred

4928-450: The Secretary of State, and James McHenry replaced Pickering as Secretary of War. Hamilton and Jefferson had the greatest impact on cabinet deliberations during Washington's first term. Their deep philosophical differences set them against each other from the outset, and they frequently sparred over economic and foreign policy issues. With Jefferson's departure, Hamilton came to dominate the cabinet, and he remained very influential within

5040-615: The Senate Chamber of Congress Hall in Philadelphia , Pennsylvania , on March 4, 1793. The presidential oath of office was administered by Supreme Court associate justice William Cushing . Washington's inaugural address was just 135 words, the shortest ever. The short and simple inauguration was viewed in a stark contrast to that of 1789, which was perceived by many as almost a monarchical coronation. Although his second term began simultaneously with Washington's, John Adams

5152-645: The Senate in December 1795 ; Rutledge had alienated several Senators with his criticism of the Jay Treaty . After the rejection of Rutledge's nomination, Washington appointed Oliver Ellsworth as the third Chief Justice of the United States. The Judiciary Act also created 13 judicial districts within the 11 states that had then ratified the Constitution, with Massachusetts and Virginia each being divided into two districts. Both North Carolina and Rhode Island were added as judicial districts in 1790 after they ratified

5264-600: The Treasury Alexander Hamilton to prepare a credit report. In his Report on the Public Credit , Hamilton estimated that the state and federal governments had a combined debt of $ 79 million; he projected that the federal government's annual income would be $ 2.8 million. Drawing on the ideas of Robert Morris and others, Hamilton proposed the most ambitious and far-reaching economic plan that had ever been advanced by an American, calling for

5376-471: The United States , and ended on March 4, 1797 . Washington took office after the 1788–1789 presidential election , the nation's first quadrennial presidential election, in which he was elected unanimously by the Electoral College . Washington was re-elected unanimously in the 1792 presidential election and chose to retire after two terms. He was succeeded by his vice president, John Adams of

5488-423: The United States!" Historian John Richard Alden indicates that Washington added the words "so help me God" to the oath prescribed by the Constitution. In his inaugural address ( Full text   [REDACTED] ), Washington again touched upon his reluctance to accept the presidency. As the presidential election of 1792 approached, Washington, pleased with the progress his administration had made in establishing

5600-549: The administration even after he left the cabinet during Washington's second term to practice law in New York City . During his two vice-presidential terms, Adams attended few cabinet meetings, and the President sought his counsel only infrequently. Nonetheless, the two men, according to Adams biographer, John E. Ferling, "jointly executed many more of the executive branch's ceremonial undertakings than would be likely for

5712-668: The aegis of the Treasury Department to other departments as a consequence of the September 11 attacks . Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002 . The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives , were transferred to

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5824-422: The bill as an unconstitutional extension of the federal government's authority. Washington, having ten days to sign or veto the bill, sent their objections to Hamilton for comment. Hamilton persuasively argued that the Constitution granted Congress the power to establish the national bank. He asserted that the Constitution guaranteed " implied as well as express powers", and that government would be paralyzed should

5936-509: The colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the treasury, settle accounts , and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and clerks ,

6048-490: The common fate." The Constitution granted the president the power to veto legislation, but Washington was reluctant to encroach on legislative affairs, and he only exercised his veto power twice. He exercised his presidential veto power for the first time on April 5, 1792, to stop an apportionment act from becoming law. The bill would have redistributed House seats among the states in a way that Washington considered unconstitutional. After attempting but failing to override

6160-700: The congressional debate, and opposition mounted in the House of Representatives. The debate over assumption became entangled with the simultaneous debate over the site of the nation's capital. In the Compromise of 1790 , Hamilton's assumption plan was adopted as the Funding Act of 1790, as several southern congressmen voted for the bill in exchange for a capital located on the Potomac River. Later in 1790, Hamilton issued another set of recommendations in his Second Report on Public Credit . The report called for

6272-479: The constitutional limits of the vice-presidency or of encroaching upon presidential prerogative, Adams often ended up lamenting what he viewed as the "complete insignificance" of his situation. To his wife Abigail he wrote, "My country has in its wisdom contrived for me the most insignificant office that ever the invention of man . . . or his imagination contrived or his imagination conceived; and as I can do neither good nor evil, I must be borne away by others and meet

6384-471: The cost of imported goods, many of which came from Britain. Each region sought favorable terms for the duties on various goods. Because the federal government would be unable to even pay the salaries of its officials without passage of the bill, members of Congress were strongly motivated to reach a compromise. In July, Congress finally passed the Tariff of 1789 , which Washington signed into law. The act created

6496-411: The cost to transport their crops to the populous east coast, which was the only place where there were markets for their crops. In mid-1794, the government began to crack down on tax evasion, launching prosecutions against dozens of distilleries. On July 15, 1794, tax collector John Neville and his slaves fired at a militia that had surrounded his house, killing a member of the militia. The next day,

6608-467: The country's $ 75 million debt in order to revitalize the public credit : "[T]he 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, suggesting that government revenues be based upon customs duties . His sound financial policies also inspired investment in

6720-602: The creation of the national bank would lead to political, economic, and social inequality, with Northern financial interests dominating American society much as aristocrats dominated European society. In December 1791, Hamilton published the Report on Manufactures , which recommended numerous policies designed to protect U.S. merchants and industries to increase national wealth, induce artisans to immigrate, cause machinery to be invented, and employ women and children. Hamilton called for federally supervised infrastructure projects,

6832-510: The details ( http://www.kansascityfed.org/publicat/bankingregulation/RegsBook2000.pdf ). In an interview on Bill Moyers Journal broadcast April 3, 2009, former bank regulator William K. Black asserted that federal officials were ignoring the PCA law requiring them to put insolvent banks into receivership. The PCA law applies only to institutions insured by the FDIC and therefore would not affect, for better or worse, companies such as AIG. This United States federal legislation article

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6944-409: The end, Washington yielded to the various objections and the House decided that the title of " Mr. President " would be used. In practice, however, he was very frequently addressed as "Your Excellency" by Americans and foreign visitors. While Adams brought energy and dedication to the presiding officer 's chair, he found the task "not quite adapted to my character." Ever cautious about going beyond

7056-438: The establishment of a national bank and an excise tax on distilled spirits . Hamilton's proposed national bank would provide credit to fledgling industries, serve as a depository for government funds, and oversee one nationwide currency. In response to Hamilton's proposal, Congress passed the Bank Bill of 1791 , establishing the First Bank of the United States . Madison and Attorney General Randolph lobbied Washington to veto

7168-505: The establishment of state-owned munitions factories and subsidies for privately owned factories, and the imposition of a protective tariff . Though Congress had adopted much of Hamilton's earlier proposals, his manufacturing proposals fell flat, even in the more-industrialized North, as merchant-shipowners had a stake in free trade . There were also questions raised about the constitutionality of these proposals, and opponents such as Jefferson feared that Hamilton's expansive interpretation of

7280-530: The executive branch. The Constitution stipulated that the position would be awarded to the runner-up in the presidential election, or the person with the second highest number of electoral votes. Being from Virginia, Washington (who remained neutral on the candidates) assumed that a vice president would be chosen from Massachusetts to ease sectional tensions. In an August 1788 letter, Thomas Jefferson wrote that he considered John Adams, John Hancock , John Jay , James Madison , and John Rutledge to be contenders for

7392-399: The executive departments and the Attorney General, but he began to hold joint meetings in 1791, with the first meeting occurring on November 26. The four positions of Secretary of War, Secretary of State, Secretary of the Treasury, and Attorney General became collectively known as the cabinet , and Washington held regular cabinet meetings throughout his second term. Edmund Randolph became

7504-435: The federal assumption of state debt and the mass issuance of federal bonds . Hamilton believed that these measures would restore the ailing economy, ensure a stable and adequate money stock, and make it easier for the federal government to borrow during emergencies such as wars. He also proposed redeeming the promissory notes issued by the Continental Congress during the American Revolution at full value, thereby establishing

7616-466: The federal assumption of state revolution-related debts under the Funding Act. By December 1790, Hamilton believed import duties, which were the government's primary source of revenue, had been raised as high as was feasible. He therefore promoted passage of an excise tax on domestically distilled spirits . This was to be the first tax levied by the national government on a domestic product. Both Hamilton and Madison believed that an excise tax on spirits

7728-403: The federal bar), the term lasted for only eight days. As Associate Justices left the court in subsequent years, Washington appointed Thomas Johnson , William Paterson , and Samuel Chase . Jay stepped down as Chief Justice in 1795 and was replaced by Rutledge, who received a recess appointment as Chief Justice. Rutledge served for six months but resigned after his nomination was rejected by

7840-424: The federal capital to Philadelphia for 10 years, while a permanent capital along the Potomac was under construction. Hamilton's debt assumption plan became law with the passage of the Funding Act of 1790 . The Residence Act authorized the president to select a specific site along the Potomac for the permanent seat of government. It also authorized him to appoint three commissioners to survey and acquire property for

7952-442: The federal government assumed the debts of the state governments and established the First Bank of the United States , the United States Mint , and the United States Customs Service . Congress passed the Tariff of 1789 , the Tariff of 1790 , and an excise tax on whiskey to fund the government and, in the case of the tariffs, address the trade imbalance with Britain . Washington personally led federalized soldiers in suppressing

8064-464: The finances of the confederation of former colonies until September 1789. The First United States Congress convened in New York City on March 4, 1789, marking the beginning of government under the U.S. 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

8176-434: The first Attorney General, while Henry Knox retained his position as head of the Department of War. Washington initially offered the position of Secretary of State to John Jay, who had served as the Secretary of Foreign Affairs since 1784 and acted as the interim Secretary of State. After Jay expressed his preference for a judicial appointment, Washington selected Thomas Jefferson as the first permanent Secretary of State. For

8288-534: The first Black woman to be employed by the Treasury Department and by the Federal government of the United States when Senator Henry Wilson , James G. Blaine and others advocated for her hiring as a janitor under Secretary of the Treasury Francis Spinner . She was paid fifteen dollars per month. In 1862, she prevented a major theft from the department of more than $ 200,000 when she came across

8400-572: The first Chief Justice and nominated John Rutledge , William Cushing , James Wilson , John Blair , and Robert Harrison as Associate Justices. All were quickly confirmed by the Senate, but after Harrison declined the appointment, Washington appointed James Iredell in 1790. The Court's first term began on February 2, 1790, at the Royal Exchange in New York City. With no cases on the docket and little pressing business (a few procedural matters decided and 26 attorneys and counselors admitted to

8512-404: The first ones in U.S. history to be contested on anything resembling a partisan basis. In most states, the congressional elections were recognized in some sense as a "struggle between the Treasury department and the republican interest", as Jefferson strategist John Beckley wrote. Because few doubted that Washington would receive the greatest number of electoral votes, the vice presidency became

8624-399: The focus of popular attention. The speculation here also tended to be organized along partisan lines – Hamiltonians supported Adams and Jeffersonians favored New York governor George Clinton. Both were technically candidates for president competing against Washington, as electoral rules of the time required each presidential elector to cast two votes without distinguishing which

8736-413: The formulation of policy and management of the department as a whole, while the operating bureaus carry out the specific operations assigned to the department. The Treasury Department has authorized a budget for Fiscal Year 2024 of $ 16.5 billion. The budget authorization is broken down as follows: In the latest Center for Effective Government analysis of the fifteen federal agencies that receive

8848-640: The fragile unity of the nation, Washington struggled throughout his eight-year presidency to hold rival factions together. He was, and remains, the only U.S. president never to be formally affiliated with a political party. Despite his efforts, debates over Hamilton's economic policy, the French Revolution, and the Jay Treaty deepened ideological divisions. Those who supported Hamilton formed the Federalist Party, while his opponents coalesced around Secretary of State Thomas Jefferson and formed

8960-554: The key post of Secretary of the Treasury , which would oversee economic policy, Washington chose Alexander Hamilton, after his first choice, Robert Morris , declined. Morris had recommended Hamilton instead, writing "But, my dear general, you will be no loser by my declining the secretaryship of the Treasury, for I can recommend a far cleverer fellow than I am for your minister of finance in the person of your aide-de-camp, Colonel Hamilton." Washington's initial cabinet consisted of one individual from New England (Knox), one individual from

9072-679: The latter not be acknowledged and exercised. After receiving Hamilton's letter, Washington still harbored some doubts, but he nonetheless signed the bill into law that evening. The following year, Congress passed the Coinage Act of 1792 , establishing the United States Mint and the United States dollar , and regulating the coinage of the United States. Historian Samuel Morison points to Hamilton's 1790 bank report as turning Jefferson against Hamilton. Jefferson feared that

9184-403: The legislative realm occurred shortly after he assumed office, during the Senate debates over titles for the president and executive officers of the new government. Although the House of Representatives agreed in short order that the president should be addressed simply as George Washington, President of the United States, the Senate debated the issue at some length. Adams favored the adoption of

9296-460: The lower extreme, a critically undercapitalized Federal Deposit Insurance Corporation (FDIC)-regulated institution (i.e., one with a ratio of total capital / assets below 2%) is required to be taken into receivership by the FDIC in order to minimize long-term losses to the FDIC. The motivation behind the law is to provide incentives for banks to address problems while they are still small enough to be manageable. Spong (2000, pages 90–95) summarizes

9408-408: The most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the treasury failed to earn a satisfactory overall grade. Presidency of George Washington Virginia Association [REDACTED] The presidency of George Washington began on April 30, 1789 , when Washington was inaugurated as the first president of

9520-418: The nation's finances. Morris, a wealthy colonial merchant , was nicknamed "the financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller , a treasurer , a register , and auditors , who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee

9632-552: The office. Letters poured into Mount Vernon – from the people, from former comrades in arms, and from across the Atlantic ;– informing him of public sentiment and imploring him to accept. Gouverneur Morris urged Washington to accept, writing "[Among the] thirteen horses now about to be coupled together, there are some of every race and character. They will listen to your voice and submit to your control. You therefore must, I say must mount this seat." Alexander Hamilton

9744-603: The permanent capital would be. Interest in attracting the capital grew as people realized the commercial benefits and prestige that were at stake. There was much maneuvering by interstate coalitions that were formed and dissolved almost daily, as Congress debated the matter. More than 30 locations, including the Hudson Valley ; Trenton, New Jersey ; Wilmington, Delaware ; Baltimore, Maryland ; Norfolk, Virginia ; and several locations in Pennsylvania, were proposed as

9856-483: The precedent that the government would uphold the value of its securities . Hamilton's proposal drew opposition from Madison, who was reluctant to reward the speculators who had bought up many of the promissory notes at a fraction of their value after the Revolutionary War. Congressional delegations from Virginia, Maryland, and Georgia, which had lower or no debts, and whose citizens would effectively pay

9968-473: The preservation of government documents, and other matters, but the proposed department's duties were instead folded into the State Department. In September 1789, Congress established the positions of Attorney General , to serve as the chief legal adviser to the president; and Postmaster General , to serve as the head of the postal service. Initially, Washington met individually with the leaders of

10080-443: The presidency and his inexperience with the duties of civil administration, though he proved an able leader . He presided over the establishment of the new federal government , appointing all of the high-ranking officials in the executive and judicial branches, shaping numerous political practices, and establishing the site of the permanent capital of the United States. He supported Alexander Hamilton 's economic policies whereby

10192-495: The president's foremost congressional ally during the first year of his presidency. Opponents of Hamilton and the administration won several seats in the 1792 Congressional elections, and Hamilton was unable to win Congressional approval of his ambitious economic proposals afterward. Despite the additional import duties imposed by the Tariff of 1790 , a substantial federal deficit remained – chiefly due to

10304-442: The single-judge district courts had jurisdiction primarily over admiralty cases, along with petty crimes and lawsuits involving smaller claims. The circuit courts were grouped into three geographic circuits to which justices were assigned on a rotating basis. Washington appointed 38 judges to the federal district courts during his two terms in office. The subject of a permanent capital city had been discussed several times, but

10416-684: The site of the capital. In 1789, discussions narrowed to a site on the Potomac River near Georgetown , a site on the Susquehanna River near Wrights Ferry (now Columbia, Pennsylvania ), and a site on the Delaware River near Germantown, Pennsylvania . Both Pennsylvania sites nearly won congressional approval as the site of the permanent capital, but divisions between Pennsylvania's two senators, along with deft maneuvering by Congressman James Madison, postponed consideration of

10528-475: The state of New York. Washington took the oath on the building's second-floor balcony, because of throngs of people gathered on the streets. The Bible used in the ceremony was from St. John's Lodge No. 1, Ancient York Masons, and was opened at random to Genesis 49:13 (" Zebulun shall dwell at the haven of the sea; and he shall be for an haven of ships; and his border shall be unto Zidon "). Afterward, Livingston shouted "Long live George Washington, President of

10640-512: The style of Highness (as well as the title of Protector of Their [the United States'] Liberties ) for the president. Others favored the variant of Electoral Highness or the lesser Excellency . Anti-federalists objected to the monarchical sound of them all. All but three senators eventually agreed upon His Highness the President of the United States and Protector of the Rights of the Same . In

10752-555: The threat of an assault on Pittsburgh. Washington, alarmed by what appeared to be an armed insurrection in Western Pennsylvania , asked his cabinet for written opinions about how to deal with the crisis. Hamilton, Knox and Attorney General Bradford all favored using a militia to crush the rebellion, while Secretary of State Randolph urged peaceful reconciliation. Washington heeded the advice of both factions of his cabinet – he sent commissioners to meet with

10864-575: The topic into 1790. Washington, Jefferson, and Madison all supported a permanent capital on the Potomac; Hamilton backed a temporary capital in New York City, and a permanent one in Trenton, New Jersey . At the same time, Hamilton's funding proposal, a plan in which the federal government would assume debts incurred by states in waging the Revolutionary War was failing to garner enough support to pass. Jefferson, understanding that Hamilton needed southern votes to pass his funding plan, and keenly aware that

10976-485: The treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service ; manages U.S. government debt instruments ; licenses and supervises banks and thrift institutions ; and advises the legislative and executive branches on matters of fiscal policy . The department is administered by the secretary of the treasury , who

11088-483: The truth, and knowing whether there does not exist a probability that the government would be just as happily and effectually carried into execution without my aid." Less certain was the choice for the vice presidency , which contained little definitive job description in the constitution. The only official role of the vice president was as the president of the United States Senate , a duty unrelated to

11200-470: The veto, Congress soon wrote new legislation, the Apportionment Act of 1792 , which Washington signed into law on April 14. On September 24, 1789, Congress voted to pay the president a salary of $ 25,000 a year, and the vice president an annual salary of $ 5,000. Washington's salary was equal to two percent of the total federal budget in 1789. Article Three of the Constitution established

11312-408: The vice presidency. In January 1789, upon hearing that Adams would probably win the vice presidency, Washington wrote to Henry Knox , saying "[I am] entirely satisfied with the arrangement for filling the second office." Each state's presidential electors gathered in their state's capital on February 4, 1789, to cast their votes for the president. As the election occurred before ratification of

11424-563: The votes were counted, Washington had declared his willingness to serve and was preparing to leave Mount Vernon for New York City, the nation's temporary capital. On April 6, 1789, the House and Senate, meeting in joint session , counted the electoral votes and certified that Washington had been elected President of the United States with 69 electoral votes. They also certified that Adams, with 34 electoral votes, had been elected as vice president. The other 35 electoral votes were scattered. Informed of his election on April 14, Washington wrote in

11536-496: Was bitterly and fiercely opposed on the frontier from the day it was passed. Western farmers considered it to be both unfair and discriminatory. As the Lower Mississippi River had been closed to American shipping for nearly a decade, farmers in western Pennsylvania were forced to turn their grain into whiskey. The substantial reduction in volume resulting from the distillation of grain into whiskey greatly reduced

11648-558: Was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, that responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology . The Department of the Treasury is organized into two major components: the departmental offices and the operating bureaus. The departmental offices are primarily responsible for

11760-580: Was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas

11872-401: Was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $ 241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency . Protests against the worthless money swept the colonies, giving rise to the expression " not worth

11984-474: Was for president and which for vice president. The recipient of the most votes would then become president, and the runner-up vice president. Washington was unanimously re-elected president, receiving 132 electoral votes (one from each elector), and Adams was re-elected vice president, receiving 77 votes. The other 55 electoral votes were divided among: George Clinton (50), Thomas Jefferson (4), and Aaron Burr (1). Washington's second inauguration took place in

12096-424: Was greeted by New York Governor George Clinton as well as many congressmen and citizens. Washington was inaugurated as the first President of the United States on April 30, 1789, at Federal Hall in New York, then the nation's capitol . As judges of the federal courts had not yet been appointed, the presidential oath of office was administered by Chancellor Robert Livingston , the highest judicial officer in

12208-491: Was one of the most dedicated in his efforts to get Washington to accept the presidency, as he foresaw himself receiving a powerful position in the administration. The comte de Rochambeau urged Washington to accept, as did the Marquis de Lafayette , who exhorted Washington "not to deny your acceptance of the office of President for the first years." Washington replied, "Let those follow the pursuits of ambition and fame, who have

12320-542: Was sworn into office for that term on December 2, 1793, when the Senate reconvened, in the Senate Chamber of Congress Hall. The vice-presidential oath was administered by the president pro tempore of the Senate John Langdon . The new Constitution empowered the president to appoint executive department heads with the consent of the Senate. Three departments had existed under the Articles of Confederation:

12432-514: Was sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris , Washington's first choice for the position, who had declined the appointment. Hamilton established the nation's early financial system and for several years was a major presence in Washington's administration . The department is customarily referred to as "Treasury", solely, without any preceding article –

12544-399: Was the least objectionable tax that the government could levy at that time; a direct tax on land would be even more unpopular. The tax had the support of some social reformers, who hoped that the tax would discourage alcohol consumption. The Distilled Spirits Duties Act, commonly known as the "Whiskey Act", became law on March 3, 1791, and went into effect on June 1. The tax on whiskey

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