Financial History of the United States

Cover Financial History of the United States
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Dallas of Pennsylvania, a lawyer, independent in party criticism, a conservative, and friend of Gallatin. For these reasons he was distasteful to the radical element in Pennsylvania, and was successfully opposed by the senators of that State. The appointment, after being declined by Richard Rush, comp- troller in the treasury department, was offered to George W.
Campbell of Tennessee. Although he represented the admin- istration in the Senate, he brought no support and could not command the con
...fidence of capitalists ; he proved a failure 132 Economies and War.* [§ 61 and held office but a few months. Dallas was again nom- inated, and the opposition in the Senate being overcome by the stress of public affairs he was confirmed October 6, 1814.
Dallas was an able man, but the evil had been done before his opportunity came ; his chief work lay in restoring the currency through the re-establishment of a United States Bank.
61. 'War Loans.
As the war was sustained on public credit rather than by taxation, it is appropriate that the system of government loans should receive first consideration.


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