Appointed Secretary of the Treasury in 1881 by President Chester A. Arthur, Charles J. Folger (1818-1884) presided over the greatest surplus the government had ever had. With some humor he observed that times had changed since the first Treasury Secretary in 1789 was charged with devising plans for the collection of revenue; "What now perplexes the secretary is not wherefrom he may get revenue enough for the pressing needs of the government, but whereby he shall turn back into the flow of business the more than enough for those needs, that has been drawn from the people."
He considered several options, including using the surplus to pay off the federal debt or depositing it with commercial banks, both of which were of questionable legality. Finally, Folger advocated reducing the customs duties. However, a reduction in internal revenue rates together with a decrease in customs receipts in 1884 cut down the government's income and put off until 1890 the need for decisive action to prevent a surplus. In 1883 Folger oversaw the reclassification of the Treasury Department according to Civil Service rules. He died in office the next year.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
Unauthorized Site:
This site and its contents are not affiliated, connected,
associated with or authorized by the individual, family,
friends, or trademarked entities utilizing any part or
the subject's entire name. Any official or affiliated
sites that are related to this subject will be hyper
linked below upon submission
and Evisum, Inc. review.
