THE TICKER
CONNECTING TO COLLECTIONS
Museum Acquires Two Documents Significant to Early US History
By Sarah Poole , Collections Manager
The Museum of American Finance recently acquired two significant artifacts documenting early US history for its permanent collection . Both were anonymously donated by a Museum trustee . The two documents date from George Washington ’ s tenure as President and represent significant moments in Alexander Hamilton ’ s construction of the financial system .
In August , the Museum received a printed copy of an Act of the Second Congress dated March 28 , 1792 , and signed by Thomas Jefferson as Secretary of State . With this Act , Congress enabled the President to appoint up to four Brigadier-Generals “ as may be conducive to the good of the public service .” The legislation served as a supplement to “ the Act for making farther and more effectual Provision for the Protection of the Frontiers of the United States .” Together , these Acts were passed in response to Native American uprisings following the Revolution , particularly in Kentucky and the Ohio River region .
As Secretary of the Treasury , Alexander Hamilton became responsible for developing a plan to fund the forces that would defend the frontier . Hamilton used the opportunity to push through nearly all of the tariffs he had proposed in his December 1791 Report on Manufactures that had been rejected by Congress . The tariffs were solidified only five weeks later with the May 2 , 1792 “ Act for raising a farther sum of Money for the Protection of the Frontiers …” Along with Hamilton ’ s two Reports on the Public Credit and his Report on a National Bank , the Report on Manufactures was integral to establishing the American economy .
In September , the Museum acquired a letter from Speaker of the House Jonathan Trumbull Jr . dated February 8 , 1793 and addressed to “ Your Excellency .” It is unclear who the recipient was , but the letter references the Giles Resolutions . William Branch Giles represented Virginia ’ s ninth district in the US House of Representatives from 1790 – 1798 . He was a staunch supporter of Thomas Jefferson and James Madison in their opposition to Hamilton ’ s financial policies . In early 1793 , under the influence of Jefferson and Madison , Giles introduced resolutions to the House that accused Hamilton of mismanagement of the nation ’ s finances . In his letter , Trumbull describes some the accusations as “ tending to alarm the fears & apprehensions of the Public respecting the fiscal administration .” Jefferson , Madison and Giles ultimately aimed to have Hamilton removed from his position as Secretary of the Treasury .
Trumbull also writes of Hamilton ’ s response , revealing his opinion of the ordeal :
I now take the Liberty to inclose [ sic ] to your Excellency — a Report of the Secretary — in reply to the Resolutions & Statement , so far as we have hitherto been furnished … the inclosed [ sic ] however is sufficient to show the fallacy & futility of the surmises which have been propagated — and which tend to explain to the impartial public , the Motives on which the accusations have been grounded — not the most honorable to the propagators .
Hamilton ultimately defended himself fervently and remained Secretary of the
Act of the Second Congress signed by Thomas Jefferson as Secretary of State , March 28 , 1792 .
Treasury until he resigned from public office in 1795 . However , the Giles Resolutions were representative of the growing conflict between Hamilton ’ s Federalist ideology and the agrarian ideals represented by Jefferson and Madison . This conflict directly led to the formation of the nation ’ s first opposing political parties : the Federalist Party and the Jeffersonian Republican Party .
Collection of the Museum of American Finance
6 FINANCIAL HISTORY | Fall 2020 | www . MoAF . org