Department 

of the Treasury

Contents

Introduction. . . . . . . . . . . . . . . . . . . .  

History. . . . . . . . . . . . . . . . . . . . . . . .  

Organization and Functions. . . . . . . 1

Departmental Offices. . . . . . . . . . . . 1

Bureaus . . . . . . . . . . . . . . . . . . . . . . 1

Secretaries of the Treasury. . . . . . . . . 2

Treasurers of the United States. . . . . 3

Office of the Curator

Department of the Treasury

Washington, D.C. 20220

The revised Treasury Seal became official with 

Treasury Order No. 212, signed by Secretary 

Henry H. Fowler on January 29, 1968. The seal 

appears on the face of all United States paper 

currency.

2006
ii 

The cast-iron column capitals in the south, west, 

and north wings are unique to Treasury. They 

combine elements of Ionic and Corinthian orders 

of architecture with federal iconography (the 

eagle and the hand holding a Treasury key). 

(Department of the Treasury)


 Introduction

The management of the money resources of 

the United States has always been the primary 

function of the Department of the Treasury. 

Whether it is regulating national banks, 

determining international economic policy, 

collecting income and excise taxes, issuing 

securities, reporting the government’s daily 

financial transactions, or manufacturing coins 

or bills for circulation, the one concern that still 

ties together the activities of the Department 

of the Treasury is money.

Though formally established as an executive 

department by the First Session of Congress in 

1789, many functions of the Department of the 

Treasury were being carried out even before 

the signing of the Declaration of Independence 

thirteen years earlier. Over the decades, the 

functions of the Department have expanded 

and grown more sophisticated to meet the 

needs of a developing nation.

Today, the Department of the Treasury remains 

the premier financial institution of the United 

States with a full-time agenda of accounting, 

revenue collection, money production, and 

economic policy formulation. 

The Treasury Building in Washington, D.C. is 

featured on the reverse of the $10 bill. All United 

States currency and coinage are produced by the 

Department of the Treasury.
 

 History

Revolutionary Period

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. 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 delegates resolved 

to issue paper money in the form of bills of 

credit, promising redemption in coin on faith 

in the revolutionary cause. On June 22, 1775, 

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.

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. The Congress stipulated that each 

of the colonies contribute to the Continental 

government’s funds.

(Left) Michael 

Hillegas, first 

Treasurer of 

the United 

States, 1775-

89. (Right) 

Robert Morris, 

Superintendent 

of Finance, 

1781-84. (Bureau 

of Engraving and 

Printing)


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. 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. With the signing of the 

Declaration of Independence on July 4, 1776, 

the new-born republic as a sovereign nation 

was able to secure loans from abroad.

Despite the infusion of foreign and domestic 

loans to pay for a war of independence, the 

United Colonies were unable to establish a wellorganized agency for financial administration. 

Michael Hillegas was first called Treasurer 

of the United States on May 14, 1777. The 

Treasury Office was reorganized three times 

between 1778 and 1781. The $241.5 million 

of paper Continental Dollars devalued rapidly. 

This $65 Continental note was issued January 14, 

1779. The Revolutionary money was printed in 

various denominations and signed by hand. 

(University Libraries of Notre Dame)
 

By May 1781, the dollar collapsed at a rate of 

from 500 to 1000 to 1 against hard currency. 

Protests against the worthless money swept 

the colonies and angry Americans coined the 

expression “not worth a Continental.”

Robert Morris was designated Superintendent 

of Finance in 1781 and restored stability to the 

nation’s finances. Morris, a wealthy colonial 

merchant, was nicknamed “the Financier” 

because of his reputation for procuring funds 

or goods on a moment’s notice. His staff 

included a Comptroller, a Treasurer, a Register, 

and auditors, who managed the country’s 

finances through 1784 when Morris resigned 

because of ill health. The Treasury Board of 

three Commissioners continued to oversee 

the finances of the confederation of former 

colonies until September 1789.

Hamilton and the Establishment of the 

Department of the Treasury

The First Congress of the United States was 

called to convene in New York on March 4, 

1789, marking the beginning of government 

under the Constitution. On September 2, 1789, 

Congress created a permanent institution for 

the management of government finances:

Be it enacted by the Senate and House 

of Representatives of the United States 

of America in Congress assembled, 

That there shall be a Department of 

Treasury, in which shall be the following 

officers, namely: a Secretary of the 

Treasury, to be deemed head of the 

department; a Comptroller, an Auditor, 

a Treasurer, a Register, and an Assistant 

to the Secretary of the Treasury, which 

assistant shall be appointed by the said 

Secretary.


Alexander Hamilton served as the first Secretary 

of the Treasury from 1789 to 1795. One of the 

most brilliant statesmen of the early American 

republic, he was killed in a duel in 1804. 

(Treasury Collection)

Alexander Hamilton took the oath of office 

as the first Secretary of the Treasury on 

September 11, 1789. Hamilton had served as 

George Washington’s aide-de-camp during the 

Revolution, and was of great importance in the 

ratification of the Constitution. Because of his 

financial and managerial acumen, Hamilton 

was a logical choice for solving the problem of 

the new nation’s heavy war debt.

Hamilton’s first official act was to submit 

a report to Congress in which he laid the 

foundation for the nation’s financial health. 

To the surprise of many legislators, he insisted 

upon federal assumption and dollar-for-dollar 

repayment of the country’s war debt of $75 

million in order to revitalize the public credit: 

“[T]he debt of the United States...was the 

price of liberty. The faith of America has been 

repeatedly pledged for it, and with solemnities 

that give peculiar force to the obligation.” 

Hamilton foresaw the development of industry 
 

and trade in the United States, and suggested 

that government revenues be based upon 

customs duties. His sound financial policies 

also inspired investment in the Bank of the 

United States, which acted as the government’s 

fiscal agent.

The original Seal of the Department of the 

Treasury, designed in 1778. The Latin inscription 

is an abbreviation for the phrase Thesauri 

Americae Septentrionalis Sigillum, which means 

“The Seal of the Treasury of North America.” The 

seal was simplified in 1968 and now bears the 

words “The Department of the Treasury” and the 

date of the Department’s establishment, 1789. 

(Department of the Treasury)

The Treasury Building

In the first years of the American republic’s 

existence, the government was quartered 

in Philadelphia until the new capital city, as 

authorized in the Constitution, was built on 

the banks of the Potomac River. In 1800, the 

government moved to Washington, D.C., and 

the Department of the Treasury moved into 

a porticoed Georgian-style building designed 

by an English architect, George Hadfield. This 

structure was burned by the British in 1814, 

but was rebuilt by White House architect 

James Hoban. This building was identical to 


three others located on lots adjacent to the 

White House, each housing one of the four 

original departments of the U.S. Government: 

State, War, Treasury, and Navy. The Treasury 

Building, to the southeast of the White House, 

was burned by arsonists in 1833 with only the 

fireproof wing left standing.

View of the east entrance of the first Treasury 

Building in Washington, 1804. The principal 

entrance of the building faced south. It was 

burned to the ground by the British in 1814 and 

was replaced by an identical structure which 

was destroyed by fire in 1833. (Department of the 

Treasury) 

The present Treasury Building is a magnificent 

granite structure in the Greek Revival style; it 

was built over a period of 33 years between 

1836 and 1869. The east and center wings, 

designed by Robert Mills, architect of the 

Washington Monument and the Patent Office 

Building, comprise the first part of the building 

constructed from 1836 to 1842. The most 

architecturally impressive feature of the Mills 

design is the east front colonnade running the 

length of the building. Each of the 30 columns 

is 36 feet tall and is carved out of a single block 

of granite. The interior design of the east and 

center wings is classically austere, in keeping 

with the Greek Revival style.
 

East front of the Main Treasury circa 1865. The 

336-foot long colonnade, originally sandstone, 

was rebuilt with granite in 1908. On the right 

stands the old State Department building, which 

was razed in 1866 to make room for the north 

wing of Main Treasury. (Treasury Collection)

Later additions were made to the original 

wings, beginning with the construction of the 

south wing from 1855 to 1860 and the west 

wing from 1855 to 1864. The preliminary 

design of the wings was provided by Thomas 

Ustick Walter, architect of the dome of the 

U.S. Capitol, but architects Ammi B. Young and 

Isaiah Rogers refined the plans, designed the 

interior details, and supervised construction. 

While the exterior of the building was executed 

along the lines of the original Mills wings, the 

interiors of the later wings reflect changes 

in both building technology and aesthetic 

tastes. Iron columns and beams reinforced 

the building’s brick vaults; the architectural 

detailing became much more ornate, following 

mid-nineteenth century fashion.

The final addition to the Treasury Building 

was the north wing, built from 1867 to 

1869. Its architect was Alfred B. Mullett, who 

subsequently designed the State, War, and Navy 

Building (now the Dwight D. Eisenhower 

Building) on the other side of the White House. 


Similar in construction and decor to the south 

and west wings, the north wing is unique as the 

site of the Cash Room -- a two-story marble hall 

in which the daily financial business of the U.S. 

Government could be transacted. The room 

was opened in 1869 as the site of President 

Ulysses S. Grant’s Inaugural Reception.

The Treasury is the oldest departmental 

building in Washington and has had a great 

impact on the design of other government 

buildings. At the time of its completion, it was 

one of the largest office buildings in the world. 

Solid granite columns are hoisted into place 

on the north portico of the Treasury Building, 

September 16, 1867. (National Archives)

The Inaugural Reception of President Ulysses S. 

Grant took place in the Treasury Cash Room on 

March 4, 1869. The event was so crowded that 

guests had to wait two hours to retrieve their 

coats. (Treasury Collection)
10

It served as a barracks for soldiers during the 

Civil War and as the temporary White House 

for President Andrew Johnson following the 

assassination of President Lincoln in 1865.

The Development of the Department

Throughout the decades of American history, 

the Department of the Treasury has been a 

dynamic aspect of the government’s service 

to the people, expanding and developing to 

accommodate the nation’s needs. While the 

fiscal and collection functions have remained 

substantially constant for over two centuries, 

other incidental operations have varied greatly. 

Most of the functions assigned to Treasury 

by the Act of 1789 are still carried out by 

the Department of the Treasury, although 

the functions of the Comptroller have been 

assumed by the Comptroller General of the 

United States who heads the U.S. Government 

Accountability Office.

Many functions of the Federal Government, 

regardless of fiscal significance, were first 

placed under the jurisdiction of Treasury; 

other agencies or executive departments have 

Following the assassination of President Abraham 

Lincoln in 1865, Andrew Johnson used the 

Secretary’s reception room as a temporary office 

before moving into the White House. (Treasury 

Collection)
since been created to administer some of these 

activities. The Postal Service, for example, was 

supervised by Treasury until 1829; the General 

Land Office, which was the nucleus of the 

Department of the Interior, was part of Treasury 

from 1812 to 1849. Operations associated 

with business were Treasury activities until 

the creation of the Department of Commerce 

and Labor in 1903; and the functions of the 

Office of the Supervising Architect of the 

Treasury were eventually established within 

the General Services Administration in 1949. 

The oldest seagoing armed service in the 

United States, the Coast Guard, remained in the 

Department of the Treasury until its transfer 

to the Department of Transportation in 1967. 

Other marine interests were administered by 

Treasury: the Coast Survey, the Lighthouse 

Service, and the Marine Hospital Service, 

from which the Public Health Service, and 

ultimately, the Department of Health and 

Human Services grew. The Bureau of Narcotics 

was part of Treasury until its functions were 

relocated in the Department of Justice as 

today’s Drug Enforcement Agency. The Bureau 

of the Budget, established in Treasury in 1921, 

was transferred to the Executive Office of the 

The interior of the Cash Room where government 

checks could be cashed as recently as 1976. The 

walls are made of seven varieties of American 

and imported marble. (Treasury Collection)
1

President in 1939 and now oversees the 

spending of federal funds as the Office of 

Management and Budget.

Treasury is an agency that has been sculpted 

by the history of the nation it serves, though 

its basic functions, delegated by Congress 

from powers granted to Congress in the 

Constitution, remain constant. The Department 

has adapted to the ever-changing realities of 

the nation’s development through periodic 

innovations and reorganizations. The Civil 

War, for example, had a great effect upon the 

activities of the Department of the Treasury: 

the loss of customs revenues from the seceded 

Southern states resulted in the establishment 

of the Bureau of Internal Revenue, as well 

as the printing of paper currency and the 

Kill Devil Hills Life-Saving Station, with four crew 

members. Photo attributed to Wilbur and/or Orville 

Wright, circa 1902. Life-Saving functions were 

placed under Treasury by Congress in 1837. The 

U.S. Life-Saving Service became a separate bureau 

of the Treasury Department in 1878. In 1915 

the Life-Saving Service merged with the Revenue 

Cutter Service to become the U.S. Coast Guard. The 

Coast Guard transferred to the Department of 

Transportation in 1967. (U.S. Coast Guard)
institution of the National Banking System. The 

growth of international trade after World War I 

and America’s involvement in World War II 

demanded an active role by the Department of 

the Treasury in the Bretton Woods Conference 

in 1944, which established the International 

Monetary Fund and the World Bank, and the 

leadership of the United States in promoting 

worldwide economic development.

This is the only photograph of the world’s first 

flight in a power driven heavier than air machine, 

which was invented by Wilbur and Orville Wright. 

This picture was taken by Surfman John T. Daniels, 

a member of the crew of the Kill Devil Hills LifeSaving Station, December 17, 1903. Five Treasury 

employees were the first eyewitnesses to this 

historic flight. (Library of Congress)
1

Organization and Functions

The Department of the Treasury is organized 

into two major components: the Departmental 

Offices and the operating bureaus. The 

Departmental Offices are primarily responsible 

for the formulation of policy and management 

of the Department as a whole, while the 

operating bureaus carry out the specific 

operations assigned to the Department. The 

basic functions of the Department of the 

Treasury include:

• Economic, international economic, 

and fiscal policy

• Government accounting, cash, and 

debt management

As the 52nd Secretary of the Treasury (1934-

1945), Henry Morgenthau, Jr. served from the 

Depression through World War II. During his 

tenure he served as chairman of the Conference 

at Bretton Woods (1944) which established the 

International Monetary Fund and the World Bank. 

(Treasury Collection)
• Promulgation and enforcement of tax 

and tariff laws

• Assessment and collection of internal 

revenue

• Production of coin and currency

• Supervision of national banks 

and thrifts

The Departmental Offices are composed of 

divisions headed by Assistant Secretaries, a 

General Counsel, or Inspectors General who 

report to the Secretary through the Deputy 

Secretary, the Under Secretary for International 

Affairs, the Under Secretary for Domestic 

Finance, or the Under Secretary for the Office 

of Terrorism and Financial Intelligence. Most 

of these divisions are located within the Main 

Treasury Building in Washington, D.C. The 

bureaus make up 98% of the Treasury work 

force, which totals approximately 125,000 

people.

A Treasury seal, circa 1800, depicts a watchdog 

guarding the key to a strongbox. According to 

legend, the dog is Nero, the first watchdog of 

the U.S. Mint in 1793. The key and scales are 

also incorporated in the official Treasury seal. 

(Department of the Treasury)
1

Departmental Offices

The Secretary of the Treasury serves as a 

major policy advisor to the President and has 

primary responsibility for formulating and 

recommending domestic and international 

financial, economic, and tax policy, participating in the formulation of broad fiscal 

policies that have general significance for 

the economy, and managing the public debt. 

The Secretary oversees the activities of the 

Department which serves as the financial agent 

for the U.S. Government, carries out certain law 

enforcement responsibilities, and manufactures 

coins and currency. He also serves as the chief 

financial officer of the government.

The Secretary is a member of the President’s 

National Economic Council. He is the 

Chairman and Managing Trustee of the Social 

Security and Medicare Boards of Trustees. He 

also serves as U.S. Governor of the International 

Monetary Fund, the International Bank for 

Reconstruction and Development, the InterAmerican Development Bank, the Asian 

Development Bank, the African Development 

Bank, the European Bank for Reconstruction 

and Development, and the North American 

Development Bank.

The Deputy Secretary, established by the 

Act of May 18, 1972, advises and assists the 

Secretary in the supervision and direction 

of the Department and its activities, and acts 

temporarily for the Secretary in his absence, 

sickness, or unavailability. The Deputy Secretary 

plays a primary role in the formulation and 

execution of Treasury policies and programs 

in all aspects of the Department’s activities.
The Treasurer of the United States, the only 

Treasury office older than the Department itself, was established July 29, 1775. The Treasurer 

was originally charged with the receipt, custody, 

and disbursement of government funds, though 

many of these functions have been taken over 

by a bureau of the Department of the Treasury. 

The Treasurer’s signature, along with that of the 

Secretary of the Treasury, is on all U.S. paper 

currency. The Treasurer also serves as one of 

the Treasury Department’s principal advisors 

and spokespersons in the area of financial 

literacy and education.

Bureaus

On November 25, 2002, President Bush signed 

the Homeland Security Bill which set into 

motion many changes for the Department 

of the Treasury. Under the reorganization of 

the Department, two of the Treasury’s oldest 

bureaus, the U.S. Customs Service (1789) and 

the U.S. Secret Service (1865), as well as the 

Federal Law Enforcement Training Center 

(1970), were transferred to the Department of 

Homeland Security on March 1, 2003. Portions 

of the Bureau of Alcohol, Tobacco and Firearms 

(1972) were transferred to the Department of 

Justice on January 24, 2003.

Alcohol and Tobacco Tax and Trade Bureau 

The Homeland Security Act of 2002 split the 

functions of the Bureau of Alcohol, Tobacco 

and Firearms (ATF) into two parts. The Act 

kept alcohol and tobacco excise tax functions 

and regulations in Treasury under a new 

bureau and transferred firearms and explosives 

functions to the Department of Justice. The 

Treasury Department officially named the 

new bureau the Alcohol and Tobacco Tax and 

Trade Bureau (TTB) on January 24, 2003. TTB 

enforces and administers laws covering the 
1

production, distribution, and use of alcohol and 

tobacco products and collects excise taxes on 

alcohol, tobacco, firearms, and ammunition. As 

part of Treasury’s Office of Tax Policy, TTB also 

develops and implements tax policy related to 

the alcohol and tobacco industries.

TTB’s tax collection duties date back to 

the beginning of the nation when the first 

internal revenue law of 1791 taxed both 

liquor and tobacco. The Whiskey Rebellion 

of 1794 tested the government’s authority 

when western Pennsylvania farmers took up 

arms against the excise tax. At the urging 

of Treasury Secretary Alexander Hamilton, 

President George Washington called up federal 

troops to suppress the rebellion and the new 

government showed its determination to 

enforce its revenue laws.

The Alcohol Tax Unit (ATU) was established 

in the Internal Revenue Service (IRS) in 1934.

The unit administered internal revenue laws 

that governed the alcohol industry after the 

end of Prohibition. In 1951, the IRS transferred 

tobacco tax functions to ATU and renamed the 

unit the Alcohol and Tobacco Tax Division. On 

July 1, 1972, these tax and regulatory functions 

were separated from the IRS when Treasury 

created ATF.

Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency 

(OCC) was established to regulate the National 

Banking System by an act of Congress on 

February 25, 1863. The Office has maintained 

its bureau status throughout its history.

As the administrator of nationally chartered 

banks, the OCC oversees the execution of laws 

relating to national banks and promulgates 

rules and regulations governing the operations 
of approximately 2,150 national banks. The 

Comptroller also supervises a nationwide 

staff of approximately 1,900 bank examiners. 

Charters, mergers, and establishment of 

branches of national banks require approval of 

the Comptroller of the Currency.

Bureau of Engraving and Printing 

The U.S. Government began printing paper 

money in 1862, when demand notes and legal 

tender “greenback” currency were issued to 

finance the Civil War. On August 29, 1862, one 

male and four female clerks and the chief of 

the bureau began work in the basement of the 

Treasury Building to affix the Treasury seal and 

cut apart sheets of notes by machinery.

The Bureau of Engraving and Printing (BEP) 

has no organic act, but the law of July 11, 1862 

allowing some of the authorized notes to be 

engraved and printed at the Treasury is the 

start of the Bureau. The first legislative 

recognition of BEP was in the appropriations 

act of June 20, 1874. The Act of March 3, 

1877 made the Bureau the exclusive printer 

of U.S. currency and securities and in 1894 

BEP became the exclusive printer of postage 

stamps. BEP ceased printing postage stamps 

in June 2005.

Hugh McCulloch, 

successful banker, 

first Comptroller of 

the Currency, and 

twice Secretary of the 

Treasury. (Treasury 

Collection)
20

BEP designs, engraves, and prints all U.S. 

paper currency. In 1996, the Bureau began 

the production of new designs for our money, 

the most comprehensive overhaul of the 

basic currency design since the 1860s and the 

introduction of the now current small-sized 

bills in 1929. Early on, the Bureau did other 

government work. By late 1864, it printed 

forms for Treasury, engraved passport plates for 

the State Department, and numbered money 

orders for the Post Office Department. Some 

of the other products produced currently by 

the Bureau include: Presidential appointment 

certificates, military identification cards, 

naturalization documents, Small Business 

Administration financial documents, Coast 

Guard water use licenses, Presidential portraits, 

and vignettes of various Washington, D.C. 

historical buildings.

Financial Crimes Enforcement Network 

The Financial Crimes Enforcement Network 

(FinCEN) was established in April 1990 by 

Treasury Order Number 105-08. Its original 

mission was to provide a government-wide, 

multi-source intelligence and analytical network to support the detection, investigation, 

Printing in the hydraulic pressroom of the 

Bureau of Engraving and Printing in the Treasury 

Building. Paper money was first issued by the 

Federal Government in 1861, and first printed by 

the Bureau in 1862. (Library of Congress)
and prosecution of domestic and international 

money laundering and other financial crimes. 

FinCEN was made a Treasury bureau by the 

USA Patriot Act of October 2001.

Today, FinCEN is one of Treasury’s primary 

agencies to oversee and implement policies to 

prevent and detect money laundering. This is 

accomplished in two ways. First, FinCEN works 

in partnership with the financial community 

to deter and detect money laundering. FinCEN 

uses counter-money laundering laws, such 

as the Bank Secrecy Act (BSA), to require 

reporting and recordkeeping by banks and 

other financial institutions. This recordkeeping 

preserves a financial trail for investigators to 

follow as they track criminals and their assets. 

The Act also requires reporting suspicious 

currency transactions which could trigger 

investigations.

Second, FinCEN provides intelligence and 

analytical support to law enforcement and 

works to maximize information sharing among 

law enforcement agencies. FinCEN’s work 

is concentrated on combining information 

reported under the BSA with other government and public information. This information 

is then disclosed to FinCEN’s customers in the 

law enforcement community. These reports 

help them build investigations and plan new 

strategies to combat money laundering.

Financial Management Service 

Responsible for one of the oldest and most 

basic functions of the Department of the 

Treasury, the Financial Management Service 

(FMS) receives and disburses all public monies, 

maintains government accounts, and prepares 

daily and monthly reports on the status of 

government finances. FMS administers the 

world’s largest collection system.
2

These functions were originally executed by 

the Treasurer and the Register of the Treasury. 

The Office of the Commissioner of Accounts 

and Deposits was established in 1920, and 

became part of the Fiscal Service in 1940. The 

Bureau of Government Financial Operations 

was established in 1974, and was renamed FMS 

in 1984. With the name change in 1984, FMS 

was given broader responsibilities, including 

lead agency roles for programs to improve 

cash management systems government-wide.

Internal Revenue Service

The Internal Revenue Service (IRS) is 

responsible for the determination, assessment, 

and collection of internal revenue in the United 

States. This revenue consists of personal and 

corporate income taxes, excise, estate, and 

gift taxes, as well as employment taxes for the 

nation’s Social Security system.

The Bureau of Internal Revenue was established 

July 1, 1862, to collect the new income tax, 

which was used to pay for the Civil War. The 

income tax was declared unconstitutional by 

the Supreme Court in 1895, but was reinstated 

by the Sixteenth Amendment to the Constitution 

on February 25, 1913. The Bureau of Internal 

Revenue was responsible for enforcement of 

the Prohibition amendment in the 1920s.

Salmon P. Chase, 

the 25th Secretary 

of the Treasury, 

served during the 

Civil War from 1861 

to 1864. Under 

Chase, the Bureau 

of Internal Revenue 

was established 

in 1862. (Treasury 

Collection)
The Bureau of Internal Revenue was 

reorganized in 1953 and renamed the Internal 

Revenue Service. It remains the largest of the 

Treasury bureaus, employing 110,000 workers 

nationally.

United States Mint

The Mint was created by Congress on April 2, 

1792. President George Washington placed the 

Mint under the supervision of the Department 

of State. The Mint became an independent 

agency in 1799, and by the Coinage Act of 1873 

became a bureau of the Treasury Department. 

The bureau was named the United States Mint 

in 1984.

The Mint manufactures and ships all U.S. coins 

for circulation to the Federal Reserve Banks and 

branches, which issue coins to the public and 

the business community through depository 

institutions. The Mint safeguards the Treasury 

Department’s stored gold and silver and other 

monetary assets. The Mint also produces and 

sells gold, silver, and platinum numismatic and 

commemorative coins and national medals 

through the American Eagle Bullion Program.

Taxpayers queue up to pay the first national 

income tax in 1862, which was levied to finance 

the Civil War. The Internal Revenue Service is the 

largest Treasury bureau. (Library of Congress)
2

Mint headquarters is located in Washington, 

D.C. Mint production facilities are located in 

Philadelphia, Denver, San Francisco, and West 

Point. In addition, the Mint is responsible 

for the U.S. Bullion Depository in Fort Knox, 

Kentucky, which is the storage facility for the 

nation’s gold bullion.

Bureau of the Public Debt

Public Debt’s mission is to borrow the money 

needed to operate the Federal Government 

and account for the resulting public debt. 

The Bureau accomplishes its mission of 

administering the public debt by issuing and 

servicing U.S. Treasury marketable, savings, 

and special securities.

The modern bureau evolved from the Register 

of the Treasury, became the Public Debt 

Service in 1919 and part of the Fiscal Service 

in 1940. The Bureau of the Public Debt was 

delegated Treasury’s operational role under 

the Government Securities Act of 1986.

From Harper’s 

Weekly, 1893, 

“Inside a 

Treasury Vault in 

Washington. Taking 

the Bags of Silver 

out to be Weighed.”
Office of Thrift Supervision

The Office of Thrift Supervision (OTS), the 

successor to the Federal Home Loan Bank 

Board, was established by Congress on 

August 9, 1989 as the primary federal regulator 

of all federal and state-chartered savings 

institutions across the nation that belong 

to the Savings Association Insurance Fund 

(SAIF). OTS issues federal charters for savings 

and loan associations and savings banks. This 

Bureau also adopts and enforces regulations 

to ensure that both federal and state-chartered 

thrift institutions operate in a safe and sound 

manner.

The OTS headquarters is in Washington, D.C. 

Working out of local offices organized into 

five regions, OTS staff examine and supervise 

savings institutions throughout the country.

President Franklin D. Roosevelt buys the first 

Series E Savings Bond from Secretary Henry 

Morgenthau on May 1, 1941. (Library of 

Congress)
2

Secretaries of the Treasury

Administration

1. Alexander Hamilton, New York

September 11, 1789 – January 31, 1795 Washington

2. Oliver Wolcott, Jr., Connecticut

February 3, 1795 – March 3, 1797 Washington

March 4, 1797 – December 31, 1800 J. Adams

3. Samuel Dexter, Massachusetts

January 1, 1801 – March 3, 1801 J. Adams

March 4, 1801 – May 6, 1801 Jefferson

4. Albert Gallatin, Pennsylvania

May 14, 1801 – March 3, 1809 Jefferson

March 4, 1809 – February 9, 1814 Madison

5. George W. Campbell, Tennessee

February 9, 1814 – September 26, 1814 Madison

6. Alexander J. Dallas, Pennsylvania

October 6, 1814 – October 21, 1816 Madison

7. William H. Crawford, Georgia

October 22, 1816 – March 3, 1817 Madison

March 4, 1817 – March 3, 1825 Monroe

8. Richard Rush, Pennsylvania

March 7, 1825 – March 3, 1829 J.Q. Adams

9. Samuel D. Ingham, Pennsylvania

March 6, 1829 – June 20, 1831 Jackson

10. Louis McLane, Delaware

August 8, 1831 – May 29, 1833 Jackson

11. William J. Duane, Pennsylvania

May 29, 1833 – September 23, 1833 Jackson

12. Roger B. Taney, Maryland

September 23, 1833 – June 24, 1834 Jackson

13. Levi Woodbury, New Hampshire

July 1, 1834 – March 3, 1837 Jackson

March 4, 1837 – March 3, 1841 Van Buren
14. Thomas Ewing, Ohio

March 5, 1841 – April 4, 1841 W.H. Harrison

April 5, 1841 – September 11, 1841 Tyler

15. Walter Forward, Pennsylvania

September 13, 1841 – March 1, 1843 Tyler

16. John C. Spencer, New York

March 8, 1843 – May 2, 1844 Tyler

17. George M. Bibb, Kentucky

July 4, 1844 – March 3, 1845 Tyler

March 4, 1845 – March 7, 1845 Polk

18. Robert J. Walker, Mississippi

March 8, 1845 – March 3, 1849 Polk

March 4, 1849 – March 5, 1849 Taylor

19. William M. Meredith, Pennsylvania

March 8, 1849 – July 9, 1850 Taylor

July 10, 1850 – July 22, 1850 Fillmore

20. Thomas Corwin, Ohio

July 23, 1850 – March 3, 1853 Fillmore

March 4, 1853 – March 6, 1853 Pierce

21. James Guthrie, Kentucky

March 7, 1853 – March 3, 1857 Pierce

March 4, 1857 – March 6, 1857 Buchanan

22. Howell Cobb, Georgia

March 7, 1857 – December 8, 1860 Buchanan

23. Philip. F. Thomas, Maryland

December 12, 1860 – January 14, 1861 Buchanan

24. John A. Dix, New York

January 15, 1861 – March 3, 1861 Buchanan

March 4, 1861 – March 6, 1861 Lincoln

25. Salmon P. Chase, Ohio

March 7, 1861 – June 30, 1864 Lincoln

26. William P. Fessenden, Maine

July 5, 1864 – March 3, 1865 Lincoln

27. Hugh McCulloch, Indiana

March 9, 1865 – April 15, 1865 Lincoln

April 15, 1865 – March 3, 1869 A. Johnson
2

28. George S. Boutwell, Massachusetts

March 12, 1869 – March 16, 1873 Grant

29. William A. Richardson, Massachusetts

March 17, 1873 – June 3, 1874 Grant

30. Benjamin H. Bristow, Kentucky

June 4, 1874 – June 20, 1876 Grant

31. Lot M. Morrill, Maine

July 7, 1876 – March 3, 1877 Grant

March 4, 1877 – March 9, 1877 Hayes

32. John Sherman, Ohio

March 10, 1877 – March 3, 1881 Hayes

33. William Windom, Minnesota

March 8, 1881 – September 19, 1881 Garfield

September, 20, 1881 – November 13, 1881 Arthur

34. Charles J. Folger, New York

November 14, 1881 – September 4, 1884 Arthur

35. Walter Q. Gresham, Indiana

September 25, 1884 – October 30, 1884 Arthur

36. Hugh McCulloch, Indiana

October 31, 1884 – March 3, 1885 Arthur

March 4, 1885 – March 7, 1885 Cleveland

37. Daniel Manning, New York

March 8, 1885 – March 31, 1887 Cleveland

38. Charles S. Fairchild, New York

April 1, 1887 – March 3, 1889 Cleveland

March 4, 1889 – March 6, 1889 B. Harrison

39. William Windom, Minnesota

March 7, 1889 – January 29, 1891 B. Harrison

40. Charles Foster, Ohio

February 25, 1891 – March 3, 1893 B. Harrison

March 4, 1893 – March 6, 1893 Cleveland

41. John G. Carlisle, Kentucky

March 7, 1893 – March 3, 1897 Cleveland

March 4, 1897 – March 5, 1897 McKinley
42. Lyman J. Gage, Illinois

March 6, 1897 – September 14, 1901 McKinley

September 14, 1901 – January 31, 1902 T. Roosevelt

43. Leslie M. Shaw, Iowa

February 1, 1902 – March 3, 1907 T. Roosevelt

44. George B. Cortelyou, New York

March 4, 1907 – March 3, 1909 T. Roosevelt

March 4, 1909 – March 7, 1909 Taft

45. Franklin MacVeagh, Illinois

March 8, 1909 – March 3, 1913 Taft

March 4, 1913 – March 5, 1913 Wilson

46. William G. McAdoo, New York

March 6, 1913 – December 15, 1918 Wilson

47. Carter Glass, Virginia

December 16, 1918 – February 1, 1920 Wilson

48. David F. Houston, Missouri

February 2, 1920 – March 3, 1921 Wilson

49. Andrew W. Mellon, Pennsylvania

March 4, 1921 – August 2, 1923 Harding

August 3, 1923 – March 3, 1929 Coolidge

March 4, 1929 – February 12, 1932 Hoover

50. Ogden L. Mills, New York

February 13, 1932 – March 3, 1933 Hoover

51. William H. Woodin, New York

March 4, 1933 – December 31, 1933 F.D. Roosevelt

52. Henry Morgenthau, Jr., New York

January 1, 1934 – April 12, 1945 F.D. Roosevelt

April 12, 1945 – July 22, 1945 Truman

53. Fred M. Vinson, Kentucky

July 23, 1945 – June 23, 1946 Truman

54. John W. Snyder, Missouri

June 25, 1946 – January 20, 1953 Truman

55. George M. Humphrey, Ohio

January 21, 1953 – July 29, 1957 Eisenhower
30

56. Robert B. Anderson, Connecticut

July 29, 1957 – January 20, 1961 Eisenhower

57. C. Douglas Dillon, New Jersey

January 21, 1961 – November 22, 1963 Kennedy

November 22, 1963 – April 1, 1965 L.B. Johnson

58. Henry H. Fowler, Virginia

April 1, 1965 – December 20, 1968 L.B. Johnson

59. Joseph W. Barr, Indiana

December 21, 1968 – January 20, 1969 L.B. Johnson

60. David M. Kennedy, Utah

January 22, 1969 – February 11, 1971 Nixon

61. John B. Connally, Texas

February 11, 1971 – June 12, 1972 Nixon

62. George P. Shultz, Illinois

June 12, 1972 – May 8, 1974 Nixon

63. William E. Simon, New Jersey

May 8, 1974 – August 9, 1974 Nixon

August 9, 1974 – January 20, 1977 Ford

64. W. Michael Blumenthal, Michigan

January 23, 1977 – August 4, 1979 Carter

65. G. William Miller, Rhode Island

August 6, 1979 – January 20, 1981 Carter

66. Donald T. Regan, New Jersey

January 22, 1981 – February 2, 1985 Reagan

67. James A. Baker, III, Texas

February 3, 1985 – August 17, 1988 Reagan

68. Nicholas F. Brady, New Jersey

September 16, 1988 – January 20, 1989 Reagan

January 20, 1989 – January 17, 1993 G.H. Bush

69. Lloyd Bentsen, Texas

January 22, 1993 – December 22, 1994 Clinton

70. Robert E. Rubin, New York

January 10, 1995 – July 2, 1999 Clinton
71. Lawrence H. Summers, Massachusetts

July 2, 1999 – January 20, 2001 Clinton

72. Paul H. O’Neill, Pennsylvania

January 30, 2001 – December 31, 2002 G.W. Bush

73. John W. Snow, Virginia

February 3, 2003 – June 29, 2006 G.W. Bush

74. Henry M. Paulson, Jr., Illinois

July 10, 2006 – G.W. Bush
3

Treasurers of the United States

Administration

1. Michael Hillegas, Pennsylvania

July 29, 1775 – September 11, 1789

2. Samuel Meredith, Pennsylvania

September 11, 1789 – March 3, 1797 Washington

March 4, 1797 – March 3, 1801 J. Adams

March 4, 1801 – October 31, 1801 Jefferson

3. Thomas T. Tucker, South Carolina

December 1, 1801 – March 3, 1809 Jefferson

March 4, 1809 – March 3, 1817 Madison

March 4, 1817 – March 3, 1825 Monroe

March 4, 1825 – May 2, 1828 J.Q. Adams

4. William Clark, Pennsylvania

June 4, 1828 – March 3, 1829 J.Q. Adams

March 4, 1829 – May 31, 1829 Jackson

5. John Campbell, Virginia

May 26, 1829 – March 3, 1837 Jackson

March 4, 1837 – July 20, 1839 Van Buren

6. William Selden, Virginia

July 22, 1839 – March 3, 1841 Van Buren

March 4, 1841 – April 4, 1841 W.H. Harrison

April 5, 1841 – March 3, 1845 Tyler

March 4, 1845 – March 3, 1849 Polk

March 4, 1849 – July 9, 1850 Taylor

July 10, 1850 – November 23, 1850 Fillmore

7. John Sloane, Ohio

November 27, 1850 – March 3, 1853 Fillmore

March 4, 1853 – April 1, 1853 Pierce

8. Samuel Casey, Kentucky

April 4, 1853 – March 3, 1857 Pierce

March 4, 1857 – December 22, 1859 Buchanan

9. William C. Price, Missouri

February 28, 1860 – March 3, 1861 Buchanan

March 4, 1861 – March 21, 1861 Lincoln
10. Francis E. Spinner, New York

March 16, 1861 – April 15, 1865 Lincoln

April 15, 1865 – March 3, 1869 A. Johnson

March 4, 1869 – June 30,1875 Grant

11. John C. New, Indiana

June 30, 1875 – July 1, 1876 Grant

12. Albert U. Wyman, Wisconsin

July 1, 1876 – March 3, 1877 Grant

March 4, 1877 – June 30, 1877 Hayes

13. James Gilfillan, Connecticut

July 1, 1877 – March 3, 1881 Hayes

March 4, 1881 – September 19, 1881 Garfield

September 20, 1881 – March 31, 1883 Arthur

14. Albert U. Wyman, Wisconsin

April 1, 1883 – March 3, 1885 Arthur

March 4, 1885 – April 30, 1885 Cleveland

15. Conrad N. Jordan, New York

May 1, 1885 – May 23, 1887 Cleveland

16. James W. Hyatt, Connecticut

May 24, 1887 – March 3, 1889 Cleveland

17. James N. Huston, Indiana

May 11, 1889 – April 13, 1891 B. Harrison

18. Enos H. Nebecker, Indiana

April 25, 1891 – March 3, 1893 B. Harrison

March 4, 1893 – May 31, 1893 Cleveland

19. Daniel N. Morgan, Connecticut

June 1, 1893 – March 3, 1897 Cleveland

March 4, 1897 – June 30, 1897 McKinley

20. Ellis H. Roberts, New York

July 1, 1897 – September 14, 1901 McKinley

September 14, 1901 – June 30, 1905 T. Roosevelt

21. Charles H. Treat, New York

July 1, 1905 – March 3, 1909 T. Roosevelt

March 4, 1909 – October 30, 1909 Taft

22. Lee McClung, Tennessee

November 1, 1909 – November 21, 1912 Taft
3

23. Carmi A. Thompson, Ohio

November 22, 1912 – March 3, 1913 Taft

March 4, 1913 – March 31, 1913 Wilson

24. John Burke, North Dakota

April 1, 1913 – January 5, 1921 Wilson

25. Frank White, North Dakota

May 2, 1921 – August 2, 1923 Harding

August 3, 1923 – May 1, 1928 Coolidge

26. H. Theodore Tate, Tennessee

May 31, 1928 – January 17, 1929 Coolidge

27. Walter O. Woods, Kansas

January 18, 1929 – March 3, 1929 Coolidge

March 4, 1929 – March 3, 1933 Hoover

March 4, 1933 – May 31, 1933 F.D. Roosevelt

28. William A. Julian, Ohio

June 1, 1933 – April 12, 1945 F.D. Roosevelt

April 12, 1945 – May 29, 1949 Truman

29. Georgia Neese Clark, Kansas

June 21, 1949 – January 20, 1953 Truman

January 20, 1953 – January 27, 1953 Eisenhower

30. Ivy Baker Priest, Utah

January 28, 1953 – January 20, 1961 Eisenhower

31. Elizabeth Rudel Smith, California

January 31, 1961 – April 13, 1962 Kennedy

32. Kathryn O’Hay Granahan, Pennsylvania

January 9, 1963 – November 22, 1963 Kennedy

November 22, 1963 – October 13, 1966 L.B. Johnson

33. Dorothy Andrews Elston, Delaware

May 8, 1969 – September 17, 1970 Nixon

Dorothy Andrews Kabis, Delaware

September 17, 1970 – July 3, 1971 Nixon

34. Romana Acosta Banuelos, California

December 17, 1971 – February 14, 1974 Nixon

35. Francine Irving Neff, New Mexico

June 21, 1974 – August 9, 1974 Nixon

August 9, 1974 – January 19, 1977 Ford
36. Azie Taylor Morton, Texas

September 12, 1977 – January 20, 1981 Carter

37. Angela Marie Buchanan, District of Columbia

March 20, 1981 – July 5, 1983 Reagan

38. Katherine Davalos Ortega, New Mexico

September 26, 1983 – January 20, 1989 Reagan

January 20, 1989 – July 1, 1989 G.H. Bush

39. Catalina Vasquez Villalpando, Texas

December 11, 1989 – January 20, 1993 G.H. Bush

40. Mary Ellen Withrow, Ohio

March 1, 1994 – January 20, 2001 Clinton

41. Rosario Marin, California

August 16, 2001 – June 30, 2003 G.W. Bush

42. Anna Escobedo Cabral, California

January 19, 2005 – G.W. Bush