John Austin Stevens

John Austin Stevens

Summary

Portrait of John Austin Stevens John Austin Stevens,  Albert Gallatin

“ To which Gallatin replied from Washington, on November 10:—
“The reduction of the public debt was certainly the principal object in bringing me into office, and our success in that respect has been due both to the joint and continued efforts of the several branches of government and to the prosperous situation of the country. I am sensible that the work cannot progress under adverse circumstances. If the United States shall be forced into a state of actual war, all the resources of the country must be called forth to make it efficient and new loans will undoubtedly be wanted.
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Source: Gutenberg

Portrait of John Austin Stevens John Austin Stevens,  Albert Gallatin

“ Freed from the menace of immediate war, the people of plain common sense recognized that the friendship of Great Britain was more dangerous than the enmity of France. They dreaded the fixed power of an organized aristocracy far more than the ephemeral anarchy of an ill-ordered democracy; they were more averse to class distinctions protected by law than even to military despotism which destroyed all distinctions, and they preferred, as man always has preferred and always will prefer, personal to political equality. ”
Source: Gutenberg

Portrait of John Austin Stevens John Austin Stevens,  Albert Gallatin

“ This was the beginning of the sub-treasury system, a new departure in treasury management, and a further evolution in American finance. It still remains, and will no doubt be permanent. Its establishment was necessary because of the absence of a national bank.
Mr. Gallatin at once turned his attention to bring about first a liquidation and then a resumption. It was a favorite maxim with him, that “the agonies of resumption are far harder to endure than those of suspension,” as it is easier to refrain from lapse of virtue than to restore moral integrity once impaired.
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Source: Gutenberg

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