John Adams attributed all the distresses at this period to "a downright ignorance of the nature of coin, credit and circulation;" an ignorance not yet dispelled.

More truly could he have said that our distresses arose from willful neglect of the principle of accountability in the public service.
The first Congress under the new Constitution met at New York on March 4, 1789, but it was not until the autumn that the executive administration of the government was organized by the creation of the three departments: State, Treasury, and War.
The bill establishing the Treasury Department passed Congress on September 2, 1789.

Hamilton was appointed secretary by Washington on September 11.

On September 21 the House directed the secretary to examine into and report a financial plan.

On the assembling of Congress, June 14, 1790, Hamilton communicated to the House his first report, known as that on public credit.