[Albert Gallatin by John Austin Stevens]@TWC D-Link bookAlbert Gallatin CHAPTER VI 94/148
In Adams's term it yielded nearly three millions of dollars.
In Jefferson's first term, before the rise in customs revenue allowed of its abandonment, Mr. Gallatin drew from this source nearly two millions of dollars, enough to pay the interest and provide for the extinguishment of a six per cent. loan of thirty millions; a war budget in itself.
But it had been so entirely set aside that in Jefferson's second term, 1808-1812, it had fallen to a little over sixty-three thousand; in Madison's first term, to a little under nineteen thousand dollars.
Was it to this Mr.Dallas referred in that passage of his report, made in 1815, on the financial operations of the war, in which he expresses his regret "that there existed no system by which the internal resources of the country could be brought at once into action, when the resources of its external commerce became incompetent to answer the exigencies of the time? The existence of such a system would probably have invigorated the early movements of the war, might have preserved the public credit unimpaired, and would have rendered the pecuniary contributions of the people more equal, as well as more effective." "It certainly," to use the words of this Mr.Gallatin's oldest and best political friend, "furnishes a lesson of practical policy." Disagreeable as the necessity was, it could not be avoided, and Mr.Gallatin met it manfully.
Nay more, he seems to have had a grim satisfaction in proposing the measure to the Congress which had thwarted him in his plans.
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