by Thomas K. McCraw (Get the Book)Only two men are honored with statues outside the U.S. Treasury building: Alexander Hamilton and Albert Gallatin. McCraw (business history, emeritus, Harvard Business Sch.), who won a Pulitzer Prize for Prophets of Regulation, explores their qualities, foibles, achievements, and failures in order to show why both deserve credit for laying the foundations of American governmental finance. Hamilton, McCraw explains, as the first Treasury secretary, contained the crushing national debt, made the country creditworthy, established a national bank, and sowed the seeds of rapid economic growth. Gallatin was an ardent Republican, but McCraw says he was also pragmatic in accepting much of Hamilton's system and, as Treasury secretary in the Jefferson and Madison administrations, cut government spending, reduced the national debt, eliminated taxes, expedited the Louisiana Purchase, formulated land policy, and favored internal improvements. In his concluding chapters, McCraw draws parallels between his subjects' immigrant backgrounds, national visions, and understanding of capital and credit. VERDICT McCraw is a talented storyteller. His highly readable and fascinating work portrays the brilliance of Hamilton and Gallatin against the difficulty of their time and is strongly recommended to all readers interested in American and financial history. --Library Journal
