Meet the Man Who Saved Early America From Debt

“Jefferson’s Treasure: How Albert Gallatin Saved the New Nation from Debt”

Gallatin demystified Treasury operations, showed how the Washington administration had increased the public debt, and exposed the administration’s financial proposals to more open debate.

He had an instinct for making shrewd amendments, often—his opponents complained—at the end of the day when they were tired or distracted.

His speeches were persuasive, and despite a thick French accent, his delivery was compelling.

Madison was soon reporting to Jefferson that Gallatin was “a real treasure,” and at his aerie in Virginia, Jefferson caught Madison’s enthusiasm.

“If Mr. Gallatin,” he wrote, “would undertake to reduce [Hamilton’s] chaos to order, present us with a clear view of our finances, and put them into a form as simple as they will admit, he will merit the immortal honor.

The accounts of the U.S. ought to be, and may be made, as simple as those of a common farmer, and capable of being understood by common farmers.”

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