The House referred
the memorial to the secretary of the treasury and asked him to report a provision for
the support of public credit. Alexander Hamilton had long been an advocate of a stronger
federal government with sufficient powers to establish public credit and he believed the
government should fund the debt, instead of immediately paying it off. Although several
of his contemporaries had more experience in financial matters, Hamilton's appointment
was widely acclaimed and great things were expected from him. Newspaper editor John
Fenno described the new secretary as a man who "considers his fame as
much at stake as ever a General of an army did--and . . . wealth as less than nothing
and vanity [when] contrasted with Honor and Reputation--" (to Joseph Ward,
October 10, 1789, Chicago Historical Society)
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