Jefferson’s Treasure by Gregory May tells the story of Albert Gallatin, the former Treasury secretary and longtime resident of western Pennsylvania who managed one of the nation’s least-satisfying trade policies, writes Roger Lowenstein for The Wall Street Journal.

During his 12 years under Thomas Jefferson and James Madison, Gallatin had to deal with the Embargo Act. However, he was originally appointed by Jefferson to undo Alexander Hamilton’s mischief, the financing of a strong military, sometimes on credit.

“If Mr. Gallatin would present us with a clear view of our finances,” wrote Jefferson, “he will merit immortal honor.”

Gallatin delivered by supporting tax repeal, starving the military, and paring debt. From 1802 to 1811, he used 60 percent of the budget to repay interest and debt.

According to the author, Gallatin’s thrift was legendary. He closed a lighthouse near New York Harbor that resulted in three shipwrecks.

When the Embargo Act was signed, Jefferson hoped the loss of trade would force Britain and France into concessions. Instead. American maritime interests suffered a depression.

The Act became the most embarrassing one Jefferson signed, and forced Gallatin into higher taxes after all.

Read more about Albert Gallatin in The Wall Street Journal by clicking here

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