Who Was The First Secretary Of The United States Treasury?

Alexander Hamilton, who was one of the authors of the 'Federalist Papers', was the first Secretary of Treasury of the United States, being an integral part of President George Washington's Cabinet. One of the most crucial problems of the United States after its creation was the huge burden of debt that the nation was under. Precisely during the War of Independence, the United States had borrowed millions of dollars from other countries as well as from the public by selling them bonds.

The need for the repayment of those debts was urgent as it played a vital role in establishing the goodwill and degree of commitment of the United States, which in turn, would affect the future of the relationship of the United States with its international counterparts.

To solve this problem, Alexander Hamilton came up with the perfect solution to charge taxes on businesses by the central government in order to pay back the debts and moreover lend money to people who wanted to start businesses to ensure prosperity in the United States. According to his plan, all of this money would be stored in a bank, which was later called the 'Bank of America'.

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