A nice certificate from Denver, Colorado-based American Gyro Company, designers of the AG-4 Crusader aircraft ... [ View
Although the United States Treasury Department was founded on September 2, 1789, its roots can be traced back to the American Revolution. Back in 1775, the Revolutionary leaders were groping with ways to fund the war. Their solution--issuing cash that doubled as redeemable "bills of credit"--raised enough capital to fuel the Revolution. However, the war notes also led to the country's first debt. The Continental Congress attempted to reign in the economy, even forming a pre-Constitutional version of the Treasury. Neither this move, nor the signing of the Declaration of Independence, which enabled the U.S. to seek loans from foreign countries, proved effective. The debt kept mounting, while war notes rapidly deflated in value. With the ratification of the Constitution in 1789, the Government established a permanent Treasury Department in hopes of quelling the debt. President Washington named his former "aide-de-camp," Alexander Hamilton, to head the new office. The former New York lawyer and staunch Federalist stepped in as Secretary of the Treasury on September 11. Hamilton soon outlined a practical plan for reviving the nation's ailing economy: the Government would pay back its $75 million war debt and thus repair its badly damaged public credit.