Superintendent of Finance | |
---|---|
Department of Finance | |
Appointer | Congress of the Confederation |
Term length | No fixed term |
Constituting instrument | Articles of Confederation |
Formation | February 7, 1781 |
First holder | Robert Morris |
Final holder | Robert Morris |
Abolished | November 1, 1784 |
Succession |
|
Deputy | Assistant Superintendent of Finance |
Superintendent of Finance of the United States was the head of Department of Finance, which is an executive office during the Confederation period with power similar to a finance ministry. The only person to hold the office was Robert Morris, who served from 1781 to 1784, [1] with the assistance of Gouverneur Morris. [2]
Various boards and committees were formed from June 3, 1775 on to handle financial matters for the provisional government of the United States, the Continental Congress. But, as early as 1776, dissatisfaction with this system led Robert Morris, in a message to a Committee of Secret Correspondence, to argue for the use of executives. [3]
Congress was open to other methods of finance administration. [3] In late 1778 after the Franco-American alliance formed, a congressional appeal to Welsh finance writer Dr. Richard Price was made for him to come and reorganize their finances, which he declined. [3] [4] In early 1779, Congress requested that their European agents look into methods of administration for war, treasury and naval departments and other offices, but nothing came of that request. [3]
Three executive departments were formed in early 1781, finance, foreign affairs and military affairs under the Articles of Confederation. [5] The Confederation Congress on Wednesday, February 7, 1781, formed a department of finance with its chief officer titled superintendent of finance. Robert Morris was nominated on February 20, accepted on May 14 and took the oath of office in June. [3] Given the terrible state of the economy, Congress gave him a huge grant of powers and agreed to Morris's demand to allow him to continue his private business activities. [1] The superintendent and his assistant served as part of an informal cabinet during this end phase of the war. [2]
The office of Secretary of Marine, basically a Secretary of the Navy predecessor, was also formed in 1781 with Major General Alexander McDougall initially holding the position. This position was soon replaced by the office of Agent of the Marine, which was not directly filled, but taken on voluntarily by the Superintendent. [6]
Morris reduced all governmental expenditures, including those on the military. He purchased military supplies using his own money; at times by borrowing from friends or issuing notes on his credit. Accounting procedures were tightened by his direction. The states were pressed by Morris to come up with money and supplies per their quotas. [1]
The superintendent took out various personal loans and pushed states for funding for the 1781 Yorktown campaign of General George Washington. Additional funds were needed for the campaign, for which a large loan was obtained from France. [1]
The Bank of North America was chartered in December 1781 by the Congress of the Confederation and opened on January 7, 1782, at the prodding of Robert Morris. Morris funded the bank with the French loan and his own fortune. The bank was used as a financier of the war. [1] This was thus the union's first de facto central bank, being the United States' first government-incorporated bank, [1] following in the footsteps of the Bank of England until 1785, when the Bank’s charter within the Commonwealth of Pennsylvania was revoked.[ citation needed ]
In 1782, Gouverneur Morris initiated the decimal coinage idea while coining the word "cent" that later became standard for the country's currency. [2]
After Morris left the superintendency on November 1, 1784, the post was superseded by a board. [3]
Its powers were analogous to that of Secretary of the Treasury [2] or the prime minister of many British Commonwealth countries. Unlike the office of prime minister, the office of superintendent was not held by an individual who was at the time a member of the government. In this way, it was more like the prototype for the soon to be devised office of the presidency.
The Articles of Confederation and Perpetual Union was an agreement among the 13 states of the United States, formerly the Thirteen Colonies, that served as the nation's first frame of government. It was debated by the Second Continental Congress at Independence Hall in Philadelphia between July 1776 and November 1777, and finalized by the Congress on November 15, 1777. It came into force on March 1, 1781, after being ratified by all 13 colonial states. A guiding principle of the Articles was the establishment and preservation of the independence and sovereignty of the states. The Articles consciously established a weak confederal government, affording it only those powers the former colonies had recognized as belonging to king and parliament. The document provided clearly written rules for how the states' league of friendship, known as the Perpetual Union, would be organized.
The Continental Congress was a series of legislative bodies, with some executive function, for the Thirteen Colonies of Great Britain in North America, and the newly declared United States before, during, and after the American Revolutionary War. The Continental Congress refers to both the First and Second Congresses of 1774–1781 and at the time, also described the Congress of the Confederation of 1781–1789. The Confederation Congress operated as the first federal government until being replaced following ratification of the U.S. Constitution. Until 1785, the Congress met predominantly at what is today Independence Hall in Philadelphia, though it was relocated temporarily on several occasions during the Revolutionary War and the fall of Philadelphia.
The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and the U.S. Mint. These two agencies are responsible for printing all paper currency and minting coins, while the treasury executes currency circulation in the domestic fiscal system. It collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy. The department is administered by the secretary of the treasury, who is a member of the Cabinet. The treasurer of the United States has limited statutory duties, but advises the Secretary on various matters such as coinage and currency production. Signatures of both officials appear on all Federal Reserve notes.
The Bank of North America was the first chartered bank in the United States, and served as the country's first de facto central bank. It was chartered by the Congress of the Confederation on May 26, 1781, and opened in Philadelphia on January 7, 1782.
Robert Morris Jr. was an English-born American merchant, investor and politician who was one of the Founding Fathers of the United States. He served as a member of the Pennsylvania legislature, the Second Continental Congress, and the United States Senate, and was one of only two people who signed the Declaration of Independence, the Articles of Confederation, and the United States Constitution. From 1781 to 1784, he served as the Superintendent of Finance of the United States, becoming known as the "Financier of the Revolution." Along with Alexander Hamilton and Albert Gallatin, he is widely regarded as one of the founders of the financial system of the United States.
Thomas Fitzsimons was an Irish-born American Founding Father, merchant, banker, and politician. A resident of Philadelphia, Fitzsimons represented Pennsylvania in the Continental Congress, was a delegate to Constitutional Convention, and served in U.S. Congress. He was a signatory of the Constitution of the United States. A slave owner, Fitzsimons was an early proponent of abolishing the slave trade in the newly formed nation.
The Continental Navy was the navy of the Thirteen Colonies during the American Revolutionary War. Founded on October 13, 1775, the fleet developed into a substantial force throughout the Revolutionary War, owing partially to the efforts of naval patrons within the Continental Congress. These congressional patrons included the likes of John Adams, who served as the chairman of the Naval Committee until 1776, when Commodore Esek Hopkins received instruction from the Continental Congress to assume command of the force.
Gouverneur Morris was an American statesman, a Founding Father of the United States, and a signatory to the Articles of Confederation and the United States Constitution. He wrote the Preamble to the United States Constitution and has been called the "Penman of the Constitution". While most Americans still thought of themselves as citizens of their respective states, Morris advanced the idea of being a citizen of a single union of states. He was also one of the most outspoken opponents of slavery among those who were present at the Constitutional Congress. He represented New York in the United States Senate from 1800 to 1803.
Haym Salomon was a Polish-born American merchant best known for his actions during the American Revolution, where he was the prime financier to the Continental Congress. Born in Leszno, Polish–Lithuanian Commonwealth, Salomon studied finance in Western Europe before emigrating to New York City in 1775. After the American Revolutionary War broke out in the same year, Salomon supported the Patriots by providing financial services while working alongside Robert Morris, the Superintendent of Finance of the United States.
The Newburgh Conspiracy was a failed apparent threat by leaders of the Continental Army in March 1783, at the end of the American Revolutionary War. The Army's commander, George Washington, successfully calmed the soldiers and helped secure back pay. The conspiracy may have been instigated by members in the Congress of the Confederation, which circulated an anonymous letter in the army camp at Newburgh, New York, on March 10, 1783. Soldiers were unhappy that they had not been paid for some time and that pensions that had been promised remained unfunded.
Symbols of the United States Department of the Treasury include the Flag of the Treasury Department and the U.S. Treasury Seal. The original seal actually predates the department itself, having originated with the Board of Treasury during the period of the Articles of Confederation. The seal is used on all U.S. paper currency, and on official Treasury documents.
The Congress of the Confederation, or the Confederation Congress, formally referred to as the United States in Congress Assembled, was the governing body of the United States from March 1, 1781, until March 3, 1789, during the Confederation period. A unicameral body with legislative and executive function, it was composed of delegates appointed by the legislatures of the several states. Each state delegation had one vote. The Congress was created by the Articles of Confederation and Perpetual Union upon its ratification in 1781, formally replacing the Second Continental Congress.
The Office of Intelligence and Analysis (OIA) is an agency of the United States Department of the Treasury responsible for the receipt, analysis, collation, and dissemination of foreign intelligence and counterintelligence information related to the operation and responsibilities of the Treasury Department.
William Jackson was a figure in the American Revolution and one of the Founding Fathers of the United States. He served as secretary to the 1787 United States Constitutional Convention, and as part of his duties added his signature to the United States Constitution. He also served with distinction in the Continental Army during the Revolutionary War. After the war, he served as one of President George Washington's personal secretaries.
The Mount Vernon Conference was a meeting of delegates from Virginia and Maryland held at Mount Vernon on March 21–28, 1785, to discuss navigational rights in the states' common waterways. On March 28, 1785, the group drew up a thirteen-point proposal to govern the rights of both states on the Potomac River, Pocomoke River, and Chesapeake Bay. Known as the Mount Vernon Compact and formally titled as the Compact of 1785, this agreement not only covered tidewater navigation but also extended to issues such as toll duties, commerce regulations, fishing rights, and debt collection. Ratified by the legislature of both states, the compact helped set a precedent for later meetings between states for discussions into areas of mutual concern.
The Confederation period was the era of the United States' history in the 1780s after the American Revolution and prior to the ratification of the United States Constitution. In 1781, the United States ratified the Articles of Confederation and Perpetual Union and prevailed in the Battle of Yorktown, the last major land battle between British and American Continental forces in the American Revolutionary War. American independence was confirmed with the 1783 signing of the Treaty of Paris. The fledgling United States faced several challenges, many of which stemmed from the lack of an effective central government and unified political culture. The period ended in 1789 following the ratification of the United States Constitution, which established a new, more effective, federal government.
Events from the year 1782 in the United States
The Columbian Institute for the Promotion of Arts and Sciences (1816–1838) was a literary and science institution in Washington, D.C., founded by Dr. Edward Cutbush (1772–1843), a naval surgeon. Thomas Law had earlier suggested of such a society "at the seat of government." It was the first "learned society" established in Washington and was organized on June 28, 1816, sixteen years after the city was occupied, and less than two years after the invasion by the British troops. The second article of its constitution states: "The Institute shall consist of mathematical, physical, moral and political sciences, general literature and fine arts."
The Nova Constellatio coins are the first coins struck under the authority of The United States of America. These pattern coins were struck in early 1783, and are known in three silver denominations, and one copper denomination (5-Units). All known examples bear the legend "NOVA CONSTELLATIO" with the exception of a unique silver 500-Unit piece.