Cambridge History of American Literature: volume 3
Trent, William Peterfield, 1862-1939., Erskine, John, 1879-1951., Sherman, Stuart Pratt, 1881-1926., Van Doren, Carl, 1885-1950., Ed.

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[430] Tracy's A treatise on political economy (Georgetown, D. C., 1817), which was translated from the unpublished French original. There is, however, no evidence that Jefferson profited from its perusal. On the other hand, Hamilton showed in his great state papers and notably in his two Reports on public credit (1790, 1795), as well as in his Report on manufactures (1791), that he possessed a remarkable acquaintance with economic principles as then understood. There is in fact no statesman of the eighteenth century, with the exception of Turgot, who combined more successfully the perspicacity of a great leader of men with the ability to present powerful and sustained reasoning on economic problems. The only other American statesman who can even remotely be compared to Hamilton is Gallatin, who even proved himself the superior of Hamilton as a technical financier. His principal contribution to fiscal science was the proof, long before it was recognized by the British economists, of the fallacy underlying the sinking fund. The chief of his earlier writings was the Sketch of the finances of the United States (1796) and the most important of his later contributions were his Considerations on the currency and banking system of the United States (1831) and the Memorial of the Committee of the free trade Convention (1831). Worthy of note also is Secretary Wolcott's Report on direct taxes (1796).

The last decade of the eighteenth century witnessed an increasing attention paid to commercial and financial questions. In 1791 there appeared A brief examination of Lord Sheffield's observations on the Commerce of the United States and in 1795 a translation of Brissot de Warville's The Commerce of America with Europe. Prominent in the financial discussion were Governor James Sullivan's The path to Riches. An inquiry into the origin and the use of money (Boston, 1792); The Shepherd's contemplation, or an essay on ways and means to pay the public debt (Philadelphia, 1794); and William Findley's Review of the revenue system adopted by the first Congress (Philadelphia, 1794). Works on agronomy now multiplied. The field had up to that time largely been occupied by the two-volume work on American Husbandry. By an American (1775). Now there appeared in rapid succession Samuel Deane's The New England farmer (Worcester, 1790); the Sketches on Rotations of crops (Philadelphia, 1792); John Spurrier's The practical