History of the Treasury
History of the TreasuryRevolutionary PeriodHamilton and the Establishment of the Department of the TreasuryThe Treasury BuildingThe Development of the DepartmentRevolutionary PeriodThe history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775 -- only a few days after the Battle of Bunker Hill, Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency.On July 29, 1775, the Second Continental Congress assigned the responsibility for the administrati...