Biographical Dictionary of the United States Secretaries of the Treasury, 1789-1995

Book excerpt: Describing the men who have led the U.S. Treasury since its creation in 1789, this book profiles those who have held the cabinet position of Secretary of the Treasury from Alexander Hamilton to Robert Rubin. Each profile provides the reader with an understanding of the man, the problems he faced, and the contributions he made. While focusing on the economic policy problems of an era and the solutions the secretary offered, each profile also includes a vignette illustrating the secretary's personality and background. Some represent backgrounds of money and power, others backgrounds of simplicity and anonymity. Some came to the office with greater stature than when they left, while others made a significant mark on our nation's financial history. Alexander Hamilton, the first Secretary of the Treasury, besides collecting and dispersing the public revenue, made the Treasury a prime agency for promoting the country's economic development and fiscal soundness. Since the Great Depression, the Treasury's regulatory functions have been articulated and elaborated. Working with the President's cabinet and with maximum statistical data, the secretaries have sought to analyze the economic outlook and to coordinate official actions, including policies to maintain a strong and stable U.S. dollar. The essays in this book, written by 24 authorities, illustrate how the Secretary of the Treasury is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies with general significance for the economy, and managing the public debt. The biographies illustrate continuing themes of fiscal management as our nation evolved over 200 stormy years of history. They also provide an intimate look at 69 individual secretaries, with stories and facts about their leadership, ideas, style, and administrative prowess, together with their personality and family lives.