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Updated: June 16, 2025
For more than a year after the declaration of war, Congress was deaf to pleas for new sources of revenue; and it was not, indeed, until the last year of the war that it voted the taxes which in the long run could alone support the public credit. Meantime, facing a depleted Treasury, Gallatin found himself reduced to a mere "dealer of loans" a position utterly abhorrent to him.
Selden was annoyed. The letter might have been from Mr. Madison, or Mr. Monroe, or Albert Gallatin, or John Randolph, though John Randolph, too, had quarrelled with the President, or Spencer Roane, or almost any great Democrat-Republican. It was no business of hers whom it was from. A colour crept into her withered cheek, and she tapped her black silk shoe upon the floor of the coach.
These commissioners had crossed the mountains together, and at Parkinson's ferry they found representatives from almost every town of four insurgent counties, two hundred in number, assembled in convention, having Judge Cook, of Fayette county, for their president, and Albert Gallatin, afterward a distinguished officer of the federal government, for their secretary.
Those not branded by this alleged bounty system were quick to grasp the beautiful simplicity of it all. Some recalled that a similar rumor, supposed to have originated with old Con Ristine, had wiped out the wild bunch that preyed on the Nations Cow-trail that the Gallatin clean-up had resulted from a like report which Al Moody was reported to have launched.
The Missouri, when taken from its fountain-heads of the Gallatin, Madison, and Red Rock lakes, or, if we take the Jefferson Fork as the principal tributary, has a length, from its source to its union with the Mississippi, of above three thousand miles.
It seemed to grow on even when a tricksy gleam shot through it as she replied, "Yes, our acquaintance dates from Gallatin."
We drank tea with Mr. and Mrs. Gallatin by invitation. Nobody asked us to eat. The markets are bad, I hear. We live very well, however, and, if you have not engaged lodgings, I advise to apply here also. To-morrow takes us to Dumfries, and the next day beyond Fredericksburgh. Le pere is at Bowling Green. I bear travelling remarkably well.
"However dissimilar in some respects," wrote Gallatin in a public report, "it is not believed that in their effect upon national wealth and public revenue war and embargo would be materially different. In case of war, some part of that revenue will remain; but if embargo and suspension of commerce continue, that which arises from commerce will entirely disappear."
Thomas Jefferson as president of the United States. His cabinet were Robert Smith, secretary of state; Albert Gallatin, secretary of the treasury; William Eustis, secretary of war; Paul Hamilton, secretary of the navy, and Caesar Rodney, attorney-general.
But after the note had been prepared and dispatched, profound discouragement reigned in the American hotel. Even Gallatin, usually hopeful and philosophically serene, grew despondent. "Our negotiations may be considered at an end," he wrote to Monroe; "Great Britain wants war in order to cripple us.
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