Albert Gallatin
Born January 29, 1761 (Geneva, Switzerland)
Died August 12, 1849 (Astoria, New York)
U.S. secretary of the treasury, congressman, diplomat
Albert Gallatin was the fourth U.S. secretary of the treasury, serving from 1801 until 1814. He held the office longer than any other person in U.S. history, and he became one of the most influential men of the early American republic. Gallatin served for eight years under President Thomas Jefferson (1743–1826; served 1801–9; see entry in volume 1) and then for four more years under President James Madison (1751–1836; served 1809–17; see entry in volume 2).
A native of Switzerland, Gallatin began life in his adopted country as a land speculator and farmer. Land speculation is the buying of undeveloped frontier land cheaply with the intention of later reselling it to settlers at a higher price, thus making a profit. In the early American period, it was a common means of gaining wealth. Gallatin also built a glass factory in 1796, the first factory of its kind west of the Appalachian Mountains.
Gallatin laid the foundation for sound governmental fiscal (economic) policies that would guide the young nation for years to come. While in Congress, he established a standing committee on finance that later became the House Ways and Means Committee.
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