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Hamilton’s Economic Plan

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Congress formed the first three executive departments:

• Foreign Affairs, later to be the Department of State, was headed by Thomas Jefferson

• War, later to be the Department of Defense, was headed by Henry Knox

• Treasury was headed by Alexander Hamilton.

Compared to later presidents, Washington was not a micro-manager; he allowed the department heads to establish their own policies and did not attempt to chart a course for Congress.

Hamilton quickly formulated a multifaceted program to deal with the young nation’s economic ills. He issued a series of reports for Congress dealing with such issues as public credit, manufacturing, and banking.

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