Albert Gallatin | Page 2

practical, also, not to see that the ultimate security is the faith of the government, and that no filtering of that responsibility through private banks could do otherwise than injure it. Further, it is reasonably safe to say that he would favor the withdrawal both of national bank notes and of United States notes, the greenbacks so-called; and that he would consent to the use of paper only in the form of certificates directly representing the precious metals, gold and silver; also that he would limit the use of silver to its actual handling by the people in daily transactions. He would feel safe to disregard the fluctuations of the intrinsic value of silver, when used in this limited way as a subordinate currency, on the ground that the stamp of the United States was sufficient for conferring the needed value, when the obligation was only to maintain the parity, not of the silver, but of the coin, with gold. He understood that, in the case of a currency which is merely subordinate, parity arises from the guaranty of the government, and not from the quality of the coin; and that only such excess of any subordinate currency as is not needed for use in daily affairs can be presented for redemption. This principle, well understood by him, is recognized in European systems, wherein the minimum of circulation is recognized as a maximum limit of uncovered issues of paper. The circulation of silver, or of certificates based upon it, comes within the same rule.
At the time of the publication of this volume objection was taken to the author's statement that, until the publication of Gallatin's writings, his fame as a statesman and political leader was a mere tradition. Yet in point of fact, not only is his name hardly mentioned by the early biographers of Jefferson, Madison, and J. Q. Adams, but even by the later writers in this very Series, his work, varied and important as it was, has been given but scant notice. The historians of the United States, and those who have made a specialty of the study of political parties, have been alike indifferent or derelict in their investigations to such a degree that it required months of original research in the annals of Congress to ascertain Gallatin's actual relations towards the Federalist party which he helped to overthrow, and towards the Republican party which he did so much to found, and of which he became the ablest champion, in Congress by debate, and in the cabinet by administration.
Invited by the publishers of the Statesmen Series to bring this study "up to date," the author has found no important changes to make in his work as he first prepared it. In the original investigation every source of information was carefully explored, and no new sources have since then been discovered. Mr. Gallatin's writings, carefully preserved in originals and copies, and well arranged, supplied the details; while the family traditions, with which the author was familiar, indicated the objects to be obtained. But so wide was the general field of Mr. Gallatin's career, so varied were his interests in all that pertained to humanity, philanthropy, and science, and so extensive were his relations with the leaders of European and American thought and action, that the subject could only be treated on the broadest basis. With this apology this study of one of the most interesting characters of American life is again commended to the indulgence of the American people.
NEWPORT, April, 1898.
CONTENTS
CHAP. PAGE
I. EARLY LIFE 1
II. PENNSYLVANIA Legislature 32
III. UNITED STATES SENATE 56
IV. THE WHISKEY INSURRECTION 67
V. MEMBER OF CONGRESS 97
VI. SECRETARY OF THE TREASURY 170
VII. IN THE CABINET 279
VIII. IN DIPLOMACY 301
IX. CANDIDATE FOR THE VICE-PRESIDENCY 355
X. SOCIETY--LITERATURE--SCIENCE 361
INDEX 391
ILLUSTRATIONS
ALBERT GALLATIN Frontispiece
From the original painting by Gilbert Stuart, in the possession of Frederic W. Stevens, Esq., New York, N. Y.
Autograph from the Chamberlain collection, Boston Public Library.
The vignette of "Friendship Hill," Mr. Gallatin's home at New Geneva, Pa., is from a photograph.
Page
ROBERT GOODLOE HARPER facing 98
From a painting by St. Mémin, in the possession of Harper's granddaughter, Mrs. William C. Pennington, Baltimore, Md.
Autograph from a MS. in the New York Public Library, Lenox Building.
ALEXANDER J. DALLAS facing 236
From the original painting by Gilbert Stuart, in the possession of Mrs. W. H. Emory, Washington, D. C.
Autograph from the Chamberlain collection, Boston Public Library.
JAMES A. BAYARD facing 312
From a painting by Wertmüller, owned by the late Thomas F. Bayard, Wilmington, Del.
Autograph from the Chamberlain collection, Boston Public Library.
ALBERT GALLATIN
CHAPTER I
EARLY LIFE
Of all European-born citizens who have risen to fame in the political service of the United States, Albert Gallatin is the most distinguished. His merit in legislation, administration, and diplomacy is generally recognized, and he is venerated by men of science on both continents. Not, however, until the publication