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Friday, September 11, 2009

This Day in Wall Street History 1789: First Treasury secretary is named

With the nation in need of a strong financial leader, President George Washington asked stalwart Federalist Alexander Hamilton to step in as the first secretary of the Treasury. The move came a week after the official founding of the Treasury Department.

Hamilton was Washington's aide-de-camp during the American Revolution, and was instrumental in the formation of the U.S. Constitution. During Washington's administration, Hamilton, with his support of strong federal government and conservative property rights, often came into conflict with Secretary of State Thomas Jefferson, a Democratic idealist who favored states' rights.

Source: History.com

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