Source: Foundation for Economic Education
by Lawrence W Reed
“James Madison, America’s fourth president and an indispensable co-author of the Constitution, wrote Thomas Jefferson a letter in 1796 in which he described the Swiss-born American Albert Gallatin (1761-1849) as ‘a real Treasure … sound in his principles, accurate in his calculations and indefatigable in his researches.’ Madison was not exaggerating. Gallatin was a remarkable public servant and a financial whiz of firm convictions, celebrated by all but the most partisan of Americans in his day. While serving two presidents (Jefferson and Madison) as their Secretary of the Treasury, Gallatin eliminated federal excise taxes, reduced government spending, cut the national debt in half, and financed the Louisiana Purchase. Nonetheless, on at least one occasion, Gallatin did violence to his own principles. He enforced the greatest folly of Jefferson’s presidency, the Embargo of 1807-1809. Here’s the story.” (09/25/24)
https://fee.org/articles/albert-gallatin-and-jeffersons-embargo/