The Financial History of the United States From 1789 to 1860

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This loss was estimated at fifteen thousand dollars.
On the 8th of November a fire occurred in the war department, and two months afterward another broke out in the department of the treasury. Furious attacks were made on the Federal ofiicers ; nor was Wolcott spared. There was an investigation ; but no evidence whatever was adduced that Wolcott, or any other official, had been guilty of negligence or misconduct in regard to these occurrences. All the most valuable accounts and papers in the tr
...easury office were saved, and the govern- ment sustained no severe loss from these events.
The work of contriving the financial machinery of the government, and of starting it, had been finished. The public debt had been funded, and efficient steps taken for paying it at maturity. The national bank was in suc- cessful operation. Internal taxes were laid. The system 1 Otis's Report, Jan. 28, 1801, 1 Finance, p. G'JO.
202 FINANCTAL HISTORY OF THE UNITED STATES. [1800.
of direct taxation was begun under Wolcott, who did much toward creating and executing it.


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