The United States Treasury Department reintroduces the two-dollar bill as a Federal Reserve Note on Thomas Jefferson's 233rd birthday as part of the United States Bicentennial celebration.

The Department of the Treasury (USDT) stands as the national treasury of the federal government of the United States, operating as a vital executive department. Its broad responsibilities touch upon the very economic pulse of the nation, from the currency in our pockets to the management of national debt.

At the heart of its operations, the Treasury oversees two key agencies that are instrumental in the physical creation of money: the Bureau of Engraving and Printing, which produces all paper currency, and the U.S. Mint, responsible for coining all metallic currency. Beyond their production, the Treasury itself plays the crucial role of executing the circulation of this currency throughout the domestic fiscal system, ensuring its availability and stability.

The department's functions extend far beyond simply managing money. It is the primary collector of all federal taxes, a duty carried out efficiently by its integral agency, the Internal Revenue Service (IRS). Furthermore, the USDT meticulously manages U.S. government debt instruments, a colossal task that underpins the nation's financial credibility. It also holds the important responsibility of licensing and supervising banks and thrift institutions, a critical function for maintaining financial sector stability. Moreover, the Treasury serves as a key economic advisor, offering insights and recommendations on matters of fiscal policy to both the legislative (Congress) and executive (President) branches of government.

Leadership within the Department of the Treasury is primarily vested in the Secretary of the Treasury, a distinguished individual who is a member of the President's Cabinet and serves as the principal advisor on economic and financial issues. While the Secretary holds paramount authority, the Treasurer of the United States also plays an important, albeit more limited, statutory role. The Treasurer primarily advises the Secretary on various matters, particularly those concerning coinage and currency production. A unique and tangible symbol of their combined authority is found on every Federal Reserve note, which bears the signatures of both the Secretary of the Treasury and the Treasurer of the United States.

The Department's rich history dates back to its establishment by an Act of Congress in 1789, designed to manage the nascent government's revenue. Its first, and arguably most influential, Secretary was Alexander Hamilton, who was sworn into office on September 11, 1789. Hamilton's appointment by President George Washington came after Washington's initial choice, Robert Morris, declined the position. Hamilton's tenure was transformative; he is widely credited with establishing the foundational elements of the nation's early financial system and remained a major presence in Washington's administration for several formative years. Interestingly, the office is still customarily referred to simply as "Treasury," without any preceding article (like "the Treasury"), a linguistic remnant from the country's transition from British to American English conventions during the late 18th century.

Hamilton's enduring legacy is visually commemorated: his portrait graces the obverse (front) of the ten-dollar bill, while the iconic Treasury Department building itself is depicted on the reverse (back). The current leadership includes Janet Yellen, who was confirmed by the United States Senate as the Secretary of the Treasury on January 25, 2021. As for the Treasurer, Jovita Carranza, who had been appointed on April 28, 2017, served in that capacity until January 15, 2020, when she departed the office.

Thomas Jefferson: A Multifaceted Founding Father

Thomas Jefferson (April 13, 1743 – July 4, 1826) was an extraordinary figure in American history, embodying the spirit of the Enlightenment as a statesman, diplomat, lawyer, architect, philosopher, and ultimately, a revered Founding Father. He served as the 3rd president of the United States from 1801 to 1809, but his contributions to the young nation began much earlier.

Prior to his presidency, Jefferson held crucial roles in the fledgling American government. He was the second Vice President of the United States under President John Adams and the very first United States Secretary of State under President George Washington. His intellectual prowess and commitment to liberty were perhaps best showcased as the principal author of the Declaration of Independence. Jefferson was a fervent proponent of democracy, republicanism, and individual rights, ideals that deeply motivated American colonists to break away from the Kingdom of Great Britain and forge a new, independent nation. His influence permeated through formative documents and decisions at both state and national levels, shaping the nascent republic.

Early Career and Revolutionary Contributions

During the tumultuous years of the American Revolution, Jefferson represented Virginia in the Continental Congress, the body that famously adopted the Declaration of Independence in 1776. As a legislator in Virginia, he drafted a groundbreaking state law for religious freedom, a testament to his belief in individual liberties. He also served as the second Governor of Virginia from 1779 to 1781, navigating the state through critical years of the Revolutionary War. Following the war, his diplomatic talents were recognized when he was appointed the United States Minister to France in 1785, serving an important role in representing American interests abroad. Upon his return, he assumed the demanding position of the nation's first Secretary of State under President George Washington from 1790 to 1793, helping to define the parameters of American foreign policy.

In the formative years of American party politics, Jefferson, alongside James Madison, organized the Democratic-Republican Party to provide a robust opposition to the Federalist Party, thus playing a pivotal role in the emergence of the First Party System. Together, they anonymously authored the provocative Kentucky and Virginia Resolutions in 1798 and 1799. These resolutions sought to strengthen states' rights by asserting the power of states to nullify federal laws deemed unconstitutional, specifically targeting the controversial Alien and Sedition Acts.

Presidency and Enduring Legacy

Jefferson's relationship with John Adams, a fellow signatory of the Declaration of Independence and political rival, was a complex yet ultimately respectful one. They served together in the Continental Congress and collaborated on the Declaration. In the contentious 1796 presidential election, Jefferson came in second to Adams, which, under the electoral procedures of the time, automatically made him Vice President. Four years later, Jefferson challenged Adams again in the landmark election of 1800, securing the presidency. Despite their past rivalries, they later reconciled, fostering a remarkable correspondence that spanned fourteen years and offered profound insights into their perspectives on the nation they helped create.

As president, Jefferson embarked on a course of action that profoundly shaped the United States. He vigorously pursued the nation's shipping and trade interests, confronting threats from Barbary pirates in the Mediterranean and navigating aggressive British trade policies. A monumental achievement of his presidency was the Louisiana Purchase in 1803, a bold move that effectively doubled the nation's claimed land area, opening vast territories for westward expansion. However, this expansion also initiated the controversial process of Indian tribal removal from these newly acquired lands, a policy with long-lasting and painful consequences for Native American communities. His administration also saw a reduction in military forces following successful peace negotiations with France.

Re-elected in 1804, Jefferson's second term was marked by significant domestic and international challenges, including the high-profile trial of his former vice president, Aaron Burr. In 1807, in response to escalating British threats to U.S. shipping, Jefferson implemented the Embargo Act, an attempt at "peaceable coercion" that ultimately diminished American foreign trade and caused considerable economic hardship at home. The same year, he signed the Act Prohibiting Importation of Slaves, a significant step towards ending the transatlantic slave trade, though it did not abolish slavery within the United States.

The Renaissance Man and His Complexities

Beyond his political life, Jefferson was truly a Renaissance man, mastering an astounding array of disciplines. While primarily a plantation owner, lawyer, and politician, his intellectual curiosity led him to excel in fields ranging from surveying and mathematics to horticulture and mechanics. He was also a self-taught architect, leaving behind a legacy of classical design, most notably at Monticello. His keen interest in religion and philosophy led to his presidency of the American Philosophical Society, a prestigious intellectual organization. Though he shunned organized religion, he was profoundly influenced by Christianity, Epicureanism, and deism, ultimately rejecting fundamental Christian tenets like Christ's divinity. A skilled philologist, Jefferson was proficient in several languages, showcasing his dedication to knowledge. He was also a prolific letter writer, engaging in extensive correspondence with many prominent individuals, including Edward Carrington, John Taylor of Caroline, and James Madison. Among his published works, Notes on the State of Virginia (1785) is considered perhaps the most important American book published before 1800, offering detailed insights into the natural history, government, and society of his home state. Throughout his life, Jefferson championed the ideals, values, and teachings of the Enlightenment.

However, Jefferson's legacy is also intertwined with a profound contradiction: his ownership of enslaved people. During his lifetime, he owned over 600 slaves, who labored in his household and on his vast plantations. Since his time, considerable controversy has rightly revolved around his relationship with Sally Hemings, a mixed-race enslaved woman who was also his late wife's half-sister. Based on compelling DNA evidence from surviving descendants and corroborating oral histories, it is now widely accepted that Jefferson fathered at least six children with Hemings, with four of them surviving to adulthood. Evidence suggests their relationship began while they were in Paris, sometime after Hemings arrived there at the age of 14 or 15, when Jefferson was 44. By the time she returned to the United States at 16 or 17, she was pregnant, a stark reminder of the power dynamics inherent in slavery.

After retiring from public office, Jefferson dedicated his efforts to establishing the University of Virginia, a testament to his belief in education and lifelong learning. In a remarkable historical coincidence, both he and his former rival, John Adams, passed away on July 4, 1826, precisely the 50th anniversary of U.S. independence, marking a poignant end to their intertwined lives. While modern historians are critically engaged with his involvement with slavery, presidential scholars and historians generally praise Jefferson's immense public achievements, including his tireless advocacy of religious freedom and tolerance in Virginia. His peaceful acquisition of the vast Louisiana Territory from France, without recourse to war, and the subsequent success of his ambitious Lewis and Clark Expedition are also widely admired. Despite the indelible stain of his connection to slavery, Thomas Jefferson is overwhelmingly ranked as one of the greatest presidents in American history, a complex figure whose ideals and actions continue to shape American discourse.

Frequently Asked Questions About the U.S. Department of the Treasury and Thomas Jefferson

What are the main responsibilities of the Department of the Treasury?
The Department of the Treasury oversees the production and circulation of U.S. currency and coinage, collects federal taxes through the IRS, manages U.S. government debt, supervises banks and thrift institutions, and advises the government on fiscal policy.
Who was the first Secretary of the Treasury?
The first Secretary of the Treasury was Alexander Hamilton, who was sworn into office on September 11, 1789, and played a crucial role in establishing the nation's early financial system.
What agencies are overseen by the Treasury Department?
Key agencies overseen by the Department of the Treasury include the Bureau of Engraving and Printing (which prints paper currency), the U.S. Mint (which produces coins), and the Internal Revenue Service (IRS), responsible for tax collection.
Who signs U.S. currency?
All Federal Reserve notes bear the signatures of both the Secretary of the Treasury and the Treasurer of the United States.
What is the difference between the Secretary and the Treasurer of the United States?
The Secretary of the Treasury is the principal advisor to the President on economic and financial issues and a member of the Cabinet, holding broad authority. The Treasurer of the United States has more limited statutory duties and primarily advises the Secretary, especially on matters related to coinage and currency production.
What was Thomas Jefferson's role in the Declaration of Independence?
Thomas Jefferson was the principal author of the Declaration of Independence, a foundational document that articulated the American colonists' reasons for seeking independence from Great Britain.
What major land acquisition occurred during Jefferson's presidency?
During his presidency, Thomas Jefferson orchestrated the Louisiana Purchase in 1803, which significantly expanded the United States' territory by doubling its claimed land area.
What was Jefferson's stance on slavery?
Thomas Jefferson owned over 600 enslaved people throughout his life, representing a profound contradiction to his advocacy for liberty. While he signed the Act Prohibiting Importation of Slaves, he never fully emancipated his own enslaved people, and his relationship with Sally Hemings further complicates his legacy regarding slavery.
What famous institution did Jefferson found after his presidency?
After retiring from public office, Thomas Jefferson founded the University of Virginia, an institution dedicated to education and public service.
Why is Thomas Jefferson considered a polymath?
Thomas Jefferson is considered a polymath due to his mastery of numerous disciplines beyond politics, including law, architecture, philosophy, horticulture, mathematics, and linguistics, reflecting his extensive intellectual curiosity and wide-ranging talents.