Oct 26

Oct 26 Replacing Hamilton - Oliver Wolcott, Jr. Takes Over the Treasury Deptartment

Oliver Wolcott, Jr. was the second Treasurer of the United States.

Wolcott held several positions in the Federal Government and eventually returned to Connecticut to act as Governor.

Oliver Wolcott, Jr.

Oliver Wolcott, Jr. had some pretty big shoes to fill.

His father, Oliver Wolcott, Sr., was a signer of the Declaration of Independence as well as the Articles of Confederation. Additionally, he was a Major General of Militia during the Revolutionary War and Governor of Connecticut.

Surprisingly, Jr.’s role in the American Founding rivaled that of his father.

Connecticut’s Money

Oliver Wolcott, Jr. came of age during the Revolutionary War.

He attended Yale and came away with a degree in law. However, Oliver was truly an expert at mathematics and finance.

While still in his early 20’s, Wolcott began serving on the Connecticut Committee of Four (sometimes called the Pay-Table) which was responsible for the State’s military funds.

Oliver spent four years as Connecticut’s representative in claims against the United States before a brief time as the State’s Comptroller.

Treasury Department

When the Constitution was ratified, Wolcott put his name in for Comptroller of the United States. He instead became the nation’s inaugural Auditor, the third highest office in the Treasury Department.

When Nicholas Eveleigh died, Oliver took his place. Four years later Alexander Hamilton left the Washington Administration and Wolcott replaced him as the second Treasurer of the United States.

Oliver remained in this position through the presidency of John Adams. At the end of the term, he was appointed as one of Adams’ midnight judges.

Governor

Oliver Wolcott, Jr. was a federal judge for about a year before the whole system was reorganized and he was let go.

Wolcott, still only in his early 40’s, moved to private life, though he associated with Connecticut’s Toleration Party.

During this time he followed his father’s footsteps into his home State’s highest officer...Governor.

Wolcott was no the only man angling for the job as Comptroller.

Here are just a few of the Founders who also sought this position:

John Kean Accounts for the United States

Uriah Forrest Sells Washington to Washington

Timothy Pickering Serves at the Pleasure of the President

Despite his important place in American History, Wolcott does not have a biography.

I have recently been reading ‘Jefferson’s Treasure’ about his successor Albert Gallatin and if you’d like to know more about finance during the Washington Administration I highly recommend it.

Pick up a copy through the Amazon affiliate link below (you’ll support this site, but don’t worry, Amazon pays me while your price stays the same).