CargoAdmin, Bureaucrats, Moderators (CommentStreams), fileuploaders, Interface administrators, newuser, Push subscription managers, Suppressors, Administrators
5,230
edits
Department of the Treasury: Difference between revisions
m
Text replacement - "Philadelphia" to "Philadelphia"
m (Text replacement - "American Revolutionary War" to "American Revolutionary War") |
m (Text replacement - "Philadelphia" to "Philadelphia") |
||
| Line 57: | Line 57: | ||
== History == | == History == | ||
=== Revolutionary period === | === Revolutionary period === | ||
The history of the Department of the Treasury began in the turmoil of the [[American Revolution]], when the [[Continental Congress]] at | 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]]. The Congress had no power to [[tax levies|levy]] and [[tax collector|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 [[fiat money|redemption]] in [[coin]] on faith in the revolutionary cause. On June 22, 1775, only a few days after the [[Battle of Bunker Hill]], 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 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, [[settlement (finance)|settle accounts]], and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and [[clerk]]s, 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 [[United States Declaration of Independence|Declaration of Independence]] on July 4, 1776, the newborn republic as a [[sovereign nation]] was able to secure loans from abroad.<ref>{{Cite book|title=Banks and Politics in America: From the Revolution to the Civil War|last=Hammond|first=Bray|publisher=Princeton University Press|year=1957|location=Princeton, NJ}}</ref> | 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. 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, [[settlement (finance)|settle accounts]], and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an auditor general and [[clerk]]s, 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 [[United States Declaration of Independence|Declaration of Independence]] on July 4, 1776, the newborn republic as a [[sovereign nation]] was able to secure loans from abroad.<ref>{{Cite book|title=Banks and Politics in America: From the Revolution to the Civil War|last=Hammond|first=Bray|publisher=Princeton University Press|year=1957|location=Princeton, NJ}}</ref> | ||