With the ratification of the Constitution in 1789, the Government established a permanent Treasury Department in hopes of quelling the nation's deficit. 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.
- source: http://www.history.com/
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