The Most Famous Founding Father You’ve Never Heard of Was Hamilton's Arch-Nemesis and a Deficit Hawk

History Unplugged Podcast

History Unplugged

Society & Culture, History

4.2 • 3.7K Ratings

🗓️ 11 September 2018

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Alexander Hamilton had a nemesis… and it was not Aaron Burr. After Hamilton enacted a wide-scale spending program to build up America's military and infrastructure, and thus send it into debt, newly-elected President Thomas Jefferson chose a Secretary of the Treasury to dismantle his system—Albert Gallatin.

Considered a “foreigner, a tax rebel, and a dangerously clever man,” the Geneva-born Gallatin was despised by Hamilton and the Federalists. During their political careers, these two economic masterminds were locked in a battle to surmount the other’s financial system for the new nation.

During his twelve years as Secretary of the Treasury, Gallatin overcame his predecessor by
-- Repaying half of the national debt
-- Containing the federal government by restraining its fiscal power
-- Abolishing internal taxes in peacetime
-- Slashing spending

Today I'm talking with Gregory May, author of the new book Jefferson’s Treasure: How Albert Gallatin Saved the New Nation from Debt.

We discuss Gallatin’s rise to power, his tumultuous years at the Treasury, and his enduring influence on American fiscal policy.

Transcript

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0:00.0	The history of the Popes of Rome and Christianity reaches into nearly every aspect of history.
0:06.4	In the history of the Papacy podcast, we step over the rope.
0:10.0	We dive into, discover more about the people events and background that define the influence
0:15.8	of the Popes of Rome and church not only on the west, but the world.
0:20.4	To start listening now, go to ParthenonPodcast.com or search for history of the Papacy on your
0:27.4	favorite podcast platform.
0:57.4	Welcome to the History Unplugged Podcast.
1:07.8	The unscripted show that celebrates unsung heroes, myth busts historical lies, and rediscoveres
1:14.2	the forgotten stories that changed our world.
1:17.8	I'm your host, Scott Rank.
1:26.2	The poor Alexander Hamilton was a Broadway sensation, but the only fact people knew about
1:30.0	him was that he had a nemesis, and most people would name him as Aaron Burr.
1:35.1	But if you were to ask Alexander Hamilton whose true nemesis was, he would give a different
1:40.0	name, and that is Albert Gallatin.
1:44.0	Gallatin was treasury secretary for 12 years.
1:47.1	During the administrations of Jefferson and Madison, he was an immigrant from Geneva who
1:51.7	spoke with a thick accent and then moved to the backwoods of Pennsylvania before rising
1:56.4	up the ranks of Washington politics, and his opponents considered him a foreigner, a tax
2:01.3	rebel, and a dangerously clever man.
2:04.2	But he represented an economic view at the beginning of American history, the challenge
2:08.5	Hamilton's vision of building up American infrastructure largely financed by public
2:13.0	debt.
	...

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