3001. FINANCES, Disordered.—
I do not
at all wonder at the condition in which the
finances of the United States are found.
Hamilton's object from the beginning, was to
throw them into forms which should be utterly
undecipherable. I ever said he did not
understand their condition himself, nor was
able to give a clear view of the excess of our
debts beyond our credits, nor whether we
were diminishing or increasing the debt. My
own opinion was, that from the commencement
of this government to the time I ceased
to attend to the subject, we had been increasing
our debt about a million of dollars annually.
If Mr. Gallatin would undertake to
reduce this chaos to order, present us with
a clear view of our finances, and put them
into a form as simple as they will admit, he
will merit immortal honor. The accounts of
the United States ought to be, and may be
made as simple as those of a common farmer,
and capable of being understood by common
farmers.—
To James Madison. Washington ed. iv, 131.
Ford ed., vii, 61.
(M.
March. 1796)
