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The '''Department of the Treasury''' ('''USDT''') | 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 [[United States federal executive departments|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 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 [[Federal government of the United States#Legislative%20branch|legislative]] and [[Federal government of the United States#Executive%20branch|executive branches]] on matters of fiscal policy. The department is administered by the [[United States Secretary of the Treasury|secretary of the treasury]], who is a member of the [[United States Cabinet|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 | 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 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 – 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. | ||
== History == | == History == | ||
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===Creation of the Treasury=== | ===Creation of the Treasury=== | ||
[[Image:Seal of the United States Department of the Treasury (1789-1968).png|thumb|Original seal, dating from before 1968]] | [[Image:Seal of the United States Department of the Treasury (1789-1968).png|thumb|Original seal, dating from before 1968]] | ||
The [[1st United States Congress|First United States Congress]] convened in [[New York City]] on March 4, 1789, marking the beginning of government under the [[Constitution of the United States|U.S. Constitution]]. On September 2, 1789, Congress created a permanent institution for the management of government finances:<blockquote>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 [[United States Assistant Secretary of the Treasury|Assistant to the Secretary of the Treasury]], which assistant shall be appointed by the said Secretary.<ref name="Act-to-establish"/><ref>{{Cite web|url=http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf|title=Chapter 12, 1 Statue. 65|archive-url=https://web.archive.org/web/20171019033202/http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf|archive-date=October 19, 2017|url-status=dead}}</ref></blockquote>[[Alexander Hamilton]] took the oath of office as the first [[United States Secretary of the Treasury|secretary of the treasury]] on September 11, 1789. Hamilton had served as [[George Washington]]'s ''[[aide-de-camp]]'' during the [[American Revolutionary War]] and was influential in the [[United States Constitution#1788 ratification|ratification]] of the Constitution. Hamilton's [[business acumen|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. | The [[1st United States Congress|First United States Congress]] convened in [[New York City]] on March 4, 1789, marking the beginning of government under the [[Constitution of the United States|U.S. Constitution]]. On September 2, 1789, Congress created a permanent institution for the management of government finances:<blockquote>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 [[United States Assistant Secretary of the Treasury|Assistant to the Secretary of the Treasury]], which assistant shall be appointed by the said Secretary.<ref name="Act-to-establish">{{cite web | title=Image 1 of An act to establish the Treasury department .... [Dated] 1789, July 2. New-York. Printed by Thomas Greenleaf.]. | website=The Library of Congress | date=1970-01-01 | url=https://www.loc.gov/resource/rbpe.1110160m/?st=text | access-date=2022-12-01 | archive-date=December 1, 2022 | archive-url=https://web.archive.org/web/20221201172233/https://www.loc.gov/resource/rbpe.1110160m/?st=text | url-status=live }}</ref><ref>{{Cite web|url=http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf|title=Chapter 12, 1 Statue. 65|archive-url=https://web.archive.org/web/20171019033202/http://legisworks.org/sal/1/stats/STATUTE-1-Pg65.pdf|archive-date=October 19, 2017|url-status=dead}}</ref></blockquote>[[Alexander Hamilton]] took the oath of office as the first [[United States Secretary of the Treasury|secretary of the treasury]] on September 11, 1789. Hamilton had served as [[George Washington]]'s ''[[aide-de-camp]]'' during the [[American Revolutionary War]] and was influential in the [[United States Constitution#1788 ratification|ratification]] of the Constitution. Hamilton's [[business acumen|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 [[Debt Assumption|federal assumption]] and dollar-for-dollar repayment of 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."<ref name="syrett1962vol6">{{cite book|editor-last1=Syrett|editor-first1=Harold C.|title=The Papers of Alexander Hamilton, vol. 6|date=1962|publisher=[[Columbia University Press]]|location=New York City|isbn=978-0231089050|url=http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm|access-date=May 6, 2018|ref=syrett1962vol6|archive-date=May 7, 2018|archive-url=https://web.archive.org/web/20180507003521/http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm|url-status=live}}</ref> Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon [[customs duties]].<ref name="syrett1962vol6" /> His sound [[fiscal policy|financial policies]] also inspired investment in the [[First Bank of the United States|Bank of the United States]], which acted as the government's [[fiscal agent]].{{citation needed|date=May 2018}} | To the surprise of many legislators, he insisted upon [[Debt Assumption|federal assumption]] and dollar-for-dollar repayment of 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."<ref name="syrett1962vol6">{{cite book|editor-last1=Syrett|editor-first1=Harold C.|title=The Papers of Alexander Hamilton, vol. 6|date=1962|publisher=[[Columbia University Press]]|location=New York City|isbn=978-0231089050|url=http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm|access-date=May 6, 2018|ref=syrett1962vol6|archive-date=May 7, 2018|archive-url=https://web.archive.org/web/20180507003521/http://www.wwnorton.com/college/history/america7/content/multimedia/ch08/documents_02.htm|url-status=live}}</ref> Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon [[customs duties]].<ref name="syrett1962vol6" /> His sound [[fiscal policy|financial policies]] also inspired investment in the [[First Bank of the United States|Bank of the United States]], which acted as the government's [[fiscal agent]].{{citation needed|date=May 2018}} | ||