Max Baucus: “America has never lacked challenges, nor has it lacked the determination and ingenuity to resolve them. In our Nation's…”

“America has never lacked challenges, nor has it lacked the determination and ingenuity to resolve them. In our Nation's very first hours, we faced stark realities. Revolutionary War debts put the Treasury $79 million in the red. States could not retire their debt. Our young Nation had no public credit. We also had no source of revenue--much less a means to collect it. And many Americans were as indebted as their Government. The future held promise, but the present was bleak. America's first Treasury Secretary, Alexander Hamilton, embraced these challenges. The day after his appointment--a Saturday--he put in motion a plan to get our economy on its feet. In his first weeks, he created a customs service to generate income, established a rudimentary coast guard for enforcement, and laid the foundation for fruitful trade relations with Britain. These first weeks in office proved Hamilton a man of action. The years that followed showed him a man of vision. The Treasury Secretary authored the legendary Report on Public Credit, the blueprint for America's fiscal system. Not without controversy, his plan consolidated debt and issued new bonds. He raised taxes and set up a national central bank. The legacy of Hamilton's plan endures today. Hamilton's action and vision launched our Nation's early prosperity. But today, we again face mounting challenges.…”