The Most Famous Founding Father You’ve Never Heard of Was Hamilton's Arch-Nemesis and a Deficit Hawk

Alexander Hamilton had a nemesis… and it was not Aaron Burr. After Hamilton enacted a wide-scale spending program to build up America's military and infrastructure, and thus send it into debt, newly-elected President Thomas Jefferson chose a Secretary of the Treasury to dismantle his system—Albert Gallatin.Considered a “foreigner, a tax rebel, and a dangerously clever man,” the Geneva-born Gallatin was despised by Hamilton and the Federalists. During their political careers, these two economic masterminds were locked in a battle to surmount the other’s financial system for the new nation.During his twelve years as Secretary of the Treasury, Gallatin overcame his predecessor by-- Repaying half of the national debt-- Containing the federal government by restraining its fiscal power-- Abolishing internal taxes in peacetime-- Slashing spendingToday I'm talking with Gregory May, author of the new book Jefferson’s Treasure: How Albert Gallatin Saved the New Nation from Debt. We discuss Gallatin’s rise to power, his tumultuous years at the Treasury, and his enduring influence on American fiscal policy.See omnystudio.com/listener for privacy information.