Alexander Hamilton consolidated states' debts, implemented a tax system, and established a national bank

Hamilton built the foundations of the US financial system as the nation's first Treasury secretary

Appointed the nation's first Treasury secretary in 1789 by George Washington, Alexander Hamilton designed a powerful federal finance system—repaying war debts, creating new taxes, founding a national bank, and promoting economic development.

Hamilton created the First Bank of the United States

As Treasury secretary, Alexander Hamilton proposed the First Bank of the United States to stabilize national finances—serving as the government's fiscal agent, managing debt, and expanding credit through a public-private banking model.

Hamilton founded what many regard as the first commercial bank in the United States

In 1784, Alexander Hamilton helped found the Bank of New York, which initially operated without a charter, financed early federal operations, provided what is considered the US government's first loan, and became the first stock traded on the New York Stock Exchange.

Hamilton's tax on whiskey sparked the first armed rebellion against US federal authority

As Treasury secretary, Alexander Hamilton designed an excise tax on whiskey that provoked violent resistance in western Pennsylvania. The Whiskey Rebellion ended when George Washington mobilized state militias under federal authority to enforce the law.

Alexander Hamilton played a significant role in creating the American system of government

From 1787 to 1788, Hamilton, James Madison, and John Jay anonymously published a collection of essays known as the Federalist Papers to promote the new Constitution. Of the 85 essays that proved pivotal to the eventual ratification of the document, Hamilton wrote 51.

Hamilton has appeared on US paper currency since the Civil War

Since the US began printing money in 1861, Alexander Hamilton has appeared at different times on the $5, $2, $20, $50, $500, and $1000 bills. Since 1928, he has remained on the $10 bill—making him, alongside Benjamin Franklin, one of the two non-presidents currently on US currency.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

Alexander Hamilton's birth year is still disputed

Although Hamilton claimed a 1757 birth, records, newspaper accounts, and later biographers suggest his actual birth year was 1755, leaving historians unsure of his true age when he arrived in America.

Andrew Jackson was the first and only president to eliminate the national debt

After Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression.

In 1792, Congress established the first national mint to produce all the coins in the US

At the same time, the US also started producing the dollar, its first official currency. The US Mint has since issued coins throughout the country.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

Hamilton learned about global trade before he was a teenager

Before he moved to America, Hamilton worked as a clerk around age 12 at the Caribbean trading firm Beekman and Cruger, handling shipping documents, inspections, and port logistics. He eventually managed the day-to-day operations of a trading charter that immersed him early in Atlantic commerce.

The Tariff Act of 1789 was one of America's first acts

One of the first acts ever passed by the United States Congress instituted tariffs on foreign goods. The bill was sponsored by then-Congressman James Madison and signed into law by President George Washington. The goods the first Congress felt necessary to tax included Jamaican rum, playing cards, and—of course—British tea.

The Articles of Confederation were the first governing documents of the United States

Drafted in 1777 and ratified in 1781, the articles created a weak national government without the ability to tax or regulate commerce. This led to problems for the new nation, necessitating the Constitutional Convention in 1787.

The history of bankruptcy in the US dates back to the signing of the Constitution

In 1787, this founding document gave Congress the right to establish nationwide bankruptcy laws. Legislators took advantage of that power in 1800 when they passed the Bankruptcy Act of 1800, the first comprehensive bankruptcy law at the federal level.

Financial advice from America’s founding fathers

Several of America's founding fathers—Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton—espoused various financial platitudes during their lives. According to the financial publication Kiplinger, much of their advice holds up in modern times. This article rounds up a few wise words from the founding fathers (and even one first lady) about compound interest, taxes, and education. For money-management tips from America's early days, click here.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

Hamilton publicly admitted to an affair to rebut corruption charges

In 1797, Alexander Hamilton published the Reynolds Pamphlet, confessing to an extramarital affair and blackmail payments to disprove accusations of financial corruption—clearing his name legally but ruining his reputation.

Alexander Hamilton argued in Federalist 69 that the president's military authority was far more limited than a king's

Hamilton wrote that the president's commander-in-chief role amounted to little more than the authority to command the military, while the powers to declare war, raise armies, and regulate fleets belonged to the legislature. He contrasted this with the British king to argue that the executive posed no threat of tyranny.

Madison was America's first president during a formally declared war

During James Madison's presidency, Congress formally declared war on Britain in 1812 over its practice of seizing American sailors, trade restrictions, and repeated violations of US sovereignty—marking the first time a sitting American president led the nation through a declared war.

The State of the Union address was first delivered in New York City

The first address took place in New York City in 1790, when President George Washington addressed Congress at Federal Hall—the nation's capital under the Articles of Confederation and the seat of the federal government during the Constitution's first year.

An early version of the musical 'Hamilton' debuted at the White House

Years before the musical "Hamilton" reached Broadway, Lin-Manuel Miranda performed an early draft of the opening song at the White House during a 2009 poetry event attended by President Obama.

The Erie Canal was built without a single dollar of federal funding

After President Madison and Congress rejected the project, New York State financed the 363-mile Erie Canal entirely on its own—authorizing $7M in bonds in 1817.

Marshall was briefly secretary of state and chief justice at the same time

Appointed secretary of state by John Adams in 1800, Marshall oversaw foreign policy during disputes with France, Britain, and Spain, including support for the Convention of 1800. For about a month in early 1801, he served as both secretary of state and chief justice.

See a timeline of the IRS's history, including the introduction of standard deductions and the digitization of the filing process

The Commissioner of Internal Revenue was created in 1862 to take over federal tax collection after the President enacted a temporary income tax. That agency eventually became today's Internal Revenue Service.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Meet the 56 signers of the Declaration of Independence—most of whom didn't put pen to paper until August 2, 1776—and see their original signatures.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

The US Constitution is widely regarded as the longest-standing written national constitution still in force—see how it has influenced rights worldwide.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Abraham Lincoln was almost assassinated weeks before his inauguration as he traveled from Illinois to DC through Baltimore in 1861; it took two independent claims for Lincoln to be convinced the threat was real

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Many legends about George Washington, including his supposed wooden teeth and the story of cutting down the cherry tree, lack evidence.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

English mathematician Ada Lovelace wrote the first computer algorithm a century before computers existed and hypothesized that computing devices would one day be able to compose music—foreseeing the generative AI systems of today.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Watch a 1934 short film starring jazz legend Cab Calloway, a major figure in the Harlem Renaissance's music scene

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

See how Ebola tore through Guinea, Sierra Leone, and Liberia in 2014-2016.