![]() ![]() ![]() On April 1, a Treasury Office of Accounts, consisting of an Auditor General and clerks, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. ![]() To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the Treasury, settle the accounts, and report periodically to the Congress. The Revolutionary money was printed in various denominations and signed by hand. This $65 Continental note was issued January 14, 1779. (Bureau of Engraving and Printing) Learn about the major duties and functions of each Treasury Department Office and Bureau. (Right) Robert Morris, Superintendent of Finance, 1781-84. (Left) Michael Hillegas, first Treasurer of the United States, 1775-89. The Congress stipulated that each of the colonies contribute to the Continental government's funds. On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to Joint Continental Treasurers, George Clymer and Michael Hillegas. ![]() On J- only a few days after the Battle of Bunker Hill, Congress issued $2 million in bills on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency. The delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. Hamilton and the Establishment of the Department of the Treasury ![]()
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