Although America’s founders may have been inspired by the political thought of ancient Greece and Rome, the United States is more often characterized by its devotion to the pursuit of commerce. Some have even said that a modern commercial republic such as the United States unavoidably lowers its moral horizon to little more than a concern with securing peace and prosperity so that commerce can flourish.
Winner of the Daughters of the American Revolution’s Excellence in American History Book Award
Winner of the Thomas J. Wilson Memorial Prize
“Cogent, lucid, and concise…An indispensable guide to the creation of the cabinet…Groundbreaking…we can now have a much greater appreciation of this essential American institution, one of the major legacies of George Washington’s enlightened statecraft.”
—Ron Chernow
On November 26, 1791, George Washington convened his department secretaries—Alexander Hamilton, Thomas Jefferson, Henry Knox, and Edmund Randolph—for the first cabinet meeting. Why did he wait two and a half years into his presidency to call his cabinet? Because the US Constitution did not create or provide for such a body. Faced with diplomatic crises, domestic insurrection, and constitutional challenges—and finding congressional help distinctly lacking—he decided he needed a group of advisors he could turn to for guidance.
Authoritative and compulsively readable, The Cabinet reveals the far-reaching consequences of this decision. To Washington’s dismay, the tensions between Hamilton and Jefferson sharpened partisan divides, contributing to the development of the first party system. As he faced an increasingly recalcitrant Congress, he came to treat the cabinet as a private advisory body, greatly expanding the role of the executive branch and indelibly transforming the presidency.
“Important and illuminating…an original angle of vision on the foundations and development of something we all take for granted.”
—Jon Meacham
“Fantastic…A compelling story.”
—New Criterion
“Helps us understand pivotal moments in the 1790s and the creation of an independent, effective executive.”
—Wall Street Journal
In 1776 the United States government started out on a shoestring and quickly went bankrupt fighting its War of Independence against Britain. At the war’s end, the national government owed tremendous sums to foreign creditors and its own citizens. But lacking the power to tax, it had no means to repay them. The Founders and Finance is the first book to tell the story of how foreign-born financial specialists—immigrants—solved the fiscal crisis and set the United States on a path to long-term economic success.
Pulitzer Prize–winning author Thomas K. McCraw analyzes the skills and worldliness of Alexander Hamilton (from the Danish Virgin Islands), Albert Gallatin (from the Republic of Geneva), and other immigrant founders who guided the nation to prosperity. Their expertise with liquid capital far exceeded that of native-born plantation owners Washington, Jefferson, and Madison, who well understood the management of land and slaves but had only a vague knowledge of financial instruments—currencies, stocks, and bonds. The very rootlessness of America’s immigrant leaders gave them a better understanding of money, credit, and banks, and the way each could be made to serve the public good.
The remarkable financial innovations designed by Hamilton, Gallatin, and other immigrants enabled the United States to control its debts, to pay for the Louisiana Purchase of 1803, and—barely—to fight the War of 1812, which preserved the nation’s hard-won independence from Britain.
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