His reports are the textbook of American political economy.
Whoever would grasp its principles must seek them in this limpid source, and study the methods he applied to revenue and loans.

Well might Webster say of him in lofty praise, "He smote the rock of national resources, and abundant streams of revenue gushed forth; he touched the dead corpse of Public Credit, and it sprung upon its feet." On the resignation of Hamilton, January 31, 1795, Washington invited Wolcott, who was familiar with the views of Hamilton and on such intimate terms with him that he could always have his advice in any difficult emergency, to take the post.

Wolcott had been connected with the department from its organization, first as auditor, afterwards as comptroller of the Treasury.

He held the Treasury until nearly the end of Adams's administration.

On November 8, 1800, upon the open breach between Mr.Adams and the Hamilton wing of the Federal party, Wolcott, whose sympathies were wholly with his old chief, tendered his resignation, to take effect at the close of the year.