Department of the Treasury

Eugene Dorgan | September 2000

Why we hate the new money.

John Steele Gordon | November 1995

And how it grew, and grew, and grew…

The federal government was still in the process of establishing itself in 1792 and did not have a good year financially. Total income was only $3,670,000, or 88 cents per capita. Outlays were $5,080,000. The budget deficit therefore amounted to fully 38 percent of revenues.

The Other Great Depression

John Steele Gordon | May/June 1991

In 1937, the American economy, which had been slowly rising from the depths it had reached in 1933, suddenly reversed course and sank once more.

Understanding the S&L Mess

John Steele Gordon | February/March 1991

At its roots lie fundamental tensions that have bedeviled American banking since the nation began.

Bank failure is as American as apple pie.

The Founding Wizard

John Steele Gordon | July/august 1990

200 years ago, the United States was a weakling republic prostrate beneath a ruinous national debt. Then, Alexander Hamilton worked the miracle of fiscal imagination that made America a health,y young economic giant. How did he do it?

One price of political greatness is to be forced to campaign even long after death. The Founding Fathers, particularly, have been constantly dragged from their graves for partisan purposes.

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Featured Authors

Acheson, Dean

Dean Acheson (1893-1971) was an attorney and statesman who served as Secretary of State from 1949 to 1953 under President Harry Truman. A key architect of the Truman Doctrine and the Marshall Plan, Acheson stressed the importance of multilateral organizations in the fight against totalitarianism. Prior to his service in the Truman Administration, Acheson clerked for Supreme Court Justice Louis Brandeis, worked at Washington law firm Covington & Burling, and served as Undersecretary of the Treasury for one year under President Franklin Roosevelt.

Ambrose, Stephen E.

Stephen E. Ambrose (1936-2002) was a historian and professor who wrote on military history, presidential history, and American expansion and foreign policy. Ambrose has been praised for his biographies of Presidents Eisenhower and Nixon, and for helping to galvanize interest in World War II.

Becker, Elizabeth

Elizabeth Becker is an award-winning journalist and the author of several books. Her history When The War Was Over: Cambodia and the Khmer Rouge won accolades from the Robert F. Kennedy book award, while her recent biography of female conflict journalists You Don’t Belong Here: How Three Women Rewrote the Story of War won the 2022 Sperber Book Prize and Harvard’s Goldsmith Book Prize. She is also the author of America’s Vietnam War: A Narrative History for young adults.

Bird, Kai

Kai Bird is a historian and Executive Director of Leon Levy Center for Biography at the City University of New York. He is best known for writing about the bombings of Hiroshima and Nagasaki, the Vietnam War, US-Middle East relations and biographies of political figures. Bird is the author of American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer, for which he won a Pulitzer Prize, and The Good Spy: The Life and Death of Robert Ames, a New York Times bestseller. His most recent book is The Outlier: The Unfinished Presidency of Jimmy Carter.

Blight, David W.

David W. Blight is the Class of 1954 Professor of American History and Director of the Gilder Lehrman Center for the Study of Slavery, Resistance & Abolition at Yale University. Recently, Blight has written A Slave No More: Two Men Who Escaped to Freedom, Including Their Narratives of Emancipation, and Race and Reunion: The Civil War in American Memory, which won the Bancroft Prize, the Abraham Lincoln Prize, and the Frederick Douglass Prize.