Today in History: Treasury Department Established 225 Years Ago

The Treasury Department was established 225 years ago today, one of President George Washington's most significant accomplishments as he governed the fledgling United States of America.

Washington initially intended to tap Robert Morris, an English-born financier, to head the new federal department. Morris's suggestion that Alexander Hamilton would be a better pick was taken seriously by the first president; Hamilton became the first Treasury Secretary nine days later, on September 11, 1789.

Beyond its basic functions such as managing a unified currency for the U.S., Hamilton had a broader vision for a central finance institution. New York University's Richard Sylla discussed Hamilton's enduring relevance in the policy realm at an event in Manhattan last year. Historian Thomas Fleming discussed Hamilton's legacy last year as well.

The importance of the Treasury Department to President Washington and other early leaders is shown in its next-door location to the White House, on the corner of 15th Street and Pennsylvania Avenue NW in downtown D.C. Richard Cote, the Treasury Department's curator, spoke with American History TV in 2011 to discuss a recent restoration of the iconic building.

In 1969, the Treasury Department released a film, The Treasury Story, to explain the agency's responsibilities, workings and history. Mary Miller, the Treasury Undersecretary for Domestic Finance, also discussed those topics with C-SPAN's Washington Journal in 2012.