s of such a place, at such a
time, the whole country perceived with delight, and the whole world saw
with admiration. He smote the rock of the National Resources, and
abundant streams of revenue gushed forth. He touched the dead corpse of
the Public Credit, and it sprung upon its feet. The fabled birth of
Minerva, from the brain of Jove, was hardly more sudden or more perfect
than the financial system of the United States, as it burst forth from
the conceptions of Alexander Hamilton." Lofty as this praise is, it is
literally true. American Public Credit was a dead corpse in 1789; and in
1790 it was living and erect, as it has ever since remained, in spite of
the utmost exertions of all political parties to reduce it to the state
in which Hamilton found it, in the hope of injuring their rivals. All
that has been good in our financial history for three quarters of a
century is due to Alexander Hamilton; and all that has been evil in it
can be traced directly to violation of his principles or disregard of
his modes of action. That we were enabled to preserve the Union against
the attacks of the Secessionists must be attributed to Hamilton's genius
and exertions. He is one of those "dead, but sceptred sovereigns, who
still rule our spirits from their urns."

Ten days after his appointment to office, Secretary Hamilton was
required by Congress to report a plan for the support of the public
credit. His report is admitted, even by those who do not agree with its
views, to be an able state paper. Besides upholding the payment of the
foreign debt, on which all parties were of one mind, he recommended that
the domestic debt should be treated in the same spirit. As the revival
and maintenance of the public credit was the object which the Secretary
had in view, he advocated the fulfilment of original contracts, no
matter by whom claims might be held. His recommendations were adopted;
and the famous "funding system" dates from that time, and with it the
prosperity of the United States. He had recommended the assumption of
the State debts; but in this he was only partially successful. The
measures suggested for the carrying out of his system were adopted.
Among these was the creation of a national bank, at the beginning of
1791. Other measures concerned the raising of revenue, and were
extraordinarily successful. And yet others for the advancement of trade,
both foreign and domestic, were not less successful: there being no
subject t