Alexander Hamilton consolidated the 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.

The federal government's decision to pay off the states' Revolutionary War debts required a new tax, which sparked an armed rebellion. 

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.

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.

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 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.

Alexander Hamilton and Thomas Jefferson clashed over how power should be divided in the new republic—Hamilton favoring a strong national government with broad implied powers, and Jefferson warning that such authority would erode state power and threaten republican liberty.

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.

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

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.

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

Read the financial advice America's founding fathers gave, including Benjamin Franklin, Thomas Jefferson, and Alexander Hamilton.

Hamilton proposed one of the strongest visions of national government

At the Constitutional Convention, Alexander Hamilton advanced a plan modeled partly on Britain's system, calling for a powerful national executive and for senators to serve for life (with good behavior)—proposals that failed to gain widespread support.

On July 1, 1862, the agency now known as the Internal Revenue Service was established and named the Bureau of Internal Revenue

It was created to collect the first-ever US income tax, which was created to help pay for the Civil War. After gaining their independence from Britain, Americans were skeptical about giving the federal government absolute power to collect federal income taxes. As a result, early US tax laws dictated that direct taxes, like income taxes, had to be directly apportioned to a state's population. The nation went back and forth on its federal tax laws multiple times. For instance, in 1872, the income tax from the Civil War was repealed. But it was revived in 1894, and then repealed again in 1895. In 1913, Congress passed the 16th Amendment, giving Congress the power to levy income taxes on individuals and corporations without apportioning the burden among the states in line with population, once and for all.

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.

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.

Hamilton was one of Washington's aides during the Revolutionary War

During the Revolutionary War, Alexander Hamilton served as a key aide to George Washington, handling correspondence, strategy, and coordination, and serving as a trusted intermediary between Washington, Congress, and senior military leaders.

The New York Stock Exchange wouldn't have been made if not for municipal bond sales

The Funding Act of 1790 nationalized and consolidated the debt held by the 13 colonies to be sold off in the form of bonds.

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 national debt is the total amount the US government owes its creditors

This US Treasury page explains what the national debt is, how it accumulates from annual deficits, and why rising debt can affect interest costs, fiscal flexibility, and long-term economic stability.

See a chart showing how much the US federal government pays in interest on its debt.

The Secret Service was originally formed to combat counterfeiting

By the 1860s, an estimated one-third of US currency in circulation was counterfeit. In 1865, the Secret Service was created specifically to combat the country's serious counterfeiting problem, which had led to widespread financial instability. This was partly due to the lack of federal currency standardization in the country at the time.

The US and Denmark are the only two countries known to abide by a predetermined borrowing limit.

Early Americans hated the idea of a central bank

After a series of economic panics induced by a lack of reserve cash at regional banks, the architects of today’s Federal Reserve opted to emphasize the goal of the bank as a reserve at the federal level—thus creating the lasting name.

Treasury bonds, notes, and bills are critical vehicles for the federal government to raise money for public expenses and manage the national debt.

Hamilton's formal education was cut short by the Revolutionary War

Enrolled at King's College, Alexander Hamilton planned to graduate in just a few years, racing through an intense curriculum, before the Revolutionary War interrupted his studies and he joined a New York volunteer militia.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

The Judiciary Act of 1789 created the foundation of the federal justice system

Passed by the First Congress, the Judiciary Act of 1789 established the federal court system, the Office of the Attorney General, and the US Marshals Service—the first law concerning national law enforcement and legal administration.

One of Hamilton's first published works was an anonymous pamphlet

While on a scholarship at King's College, Alexander Hamilton anonymously published a series of political pamphlets defending the Continental Congress, engaging in a sustained, sharply argued back-and-forth with loyalist writer Samuel Seabury that drew wide attention.

The US officially adopted an income tax in 1913

The US first levied income taxes during the Civil War, but modern income taxes became an American fixture in 1913. Two years earlier, Congress passed the 16th Amendment to give the government the right to tax individuals' and businesses' income. The US still technically levies the same federal income tax now as it did then—though it's evolved.

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.

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.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing.

Explore the life and presidency of George Washington, whose two terms in office were defined by precedent-setting, restraint, and institution-building.

As the first president, Washington established lasting norms: enforcing civilian control of the military rather than placing it in the hands of generals, forming a Cabinet, asserting federal authority during the Whiskey Rebellion, and voluntarily stepping down after two terms.

Benjamin Franklin founded America's first lending library, the Library Company of Philadelphia, in 1731.