On May 19, Representative Elias Boudinot of New Jersey, Hamilton's old patron from Elizabethtown, proposed that Congress establish a department of finance. From the clamor that arose over what would become the Treasury Department, it was clear this would be the real flash point of controversy in the new government, the place where critics feared that European-style despotism could take root. Legislators recalled that British tax abuses had spawned the Revolution and that chancellors of the exchequer had directed huge armies of customs collectors to levy onerous duties. To guard against such concentrated power, Elbridge Gerry wanted to invest the Treasury leadership in a board, not an individual. It was Madison who insisted that a single secretary, equipped with all necessary powers, should superintend the department.
( Ron Chernow )
[ Alexander Hamilton ]
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