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

Published: Sept. 11, 2018, 7:20 a.m.

b"Alexander Hamilton had a nemesis\\u2026 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\\u2014Albert Gallatin.

Considered a \\u201cforeigner, a tax rebel, and a dangerously clever man,\\u201d 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\\u2019s 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\\u2019s Treasure: How Albert Gallatin Saved the New Nation from Debt.

We discuss Gallatin\\u2019s rise to power, his tumultuous years at the Treasury, and his enduring influence on American fiscal policy."