On your right stands a colossal fortress of grey granite, distinguished by a relentless row of tall Ionic columns and a massive triangular pediment capping the south wing to create a temple-like facade. This serves as the headquarters for the United States Department of the Treasury.
It is a fittingly heavy home for the weight of the nation's economy. The department’s origins go back to Alexander Hamilton, appointed in 1789, who took on the impossible task of building a financial system from scratch and turning a chaotic mess of state debts into a functioning federal economy. But while the institution is solid, the building itself was born from disaster.
The first treasury structure on this site was burned to the ground by British troops in 1814. Its replacement didn't fare much better. In 1833, it was destroyed by arson. A man named Richard H. White set the blaze, hoping to destroy incriminating pension records inside. It worked a little too well, taking the whole building with it.
When it came time to rebuild, President Andrew Jackson grew largely impatient with the committee’s delays in selecting a site. According to legend, Jackson eventually stormed out of the White House, jammed his cane into the turf, and shouted, "Right here is where I want the cornerstone!" He got his way, but his impulsive location permanently blocked the direct line of sight between the White House and the U.S. Capitol, a visual interruption that remains to this day.
The drama continued inside these walls during the Civil War. Secretary Salmon P. Chase was tasked with financing the Union war effort, leading to the creation of the first federal paper currency, known as "greenbacks." Chase was... a man of significant ego. When designing the new one-dollar bill, he chose to place his own portrait on it rather than George Washington's. He reasoned that if his face was in every voter's pocket, he would be a shoo-in for the presidency. The tactic failed to win him the White House, though his face did stay on the bill for years.
The war also forced a social revolution within the department. With men leaving for the front lines, Treasurer Francis Spinner hired women to trim the new currency sheets with scissors. These "Treasury Girls" proved faster and more accurate than the men they replaced. Despite their efficiency, they were paid only six hundred dollars a year-which is roughly twenty-one thousand dollars today-while the men earned double that amount.
By 1865, the department faced a new crisis. Counterfeiting was so rampant that nearly half the money in circulation was fake. To combat this, the Secret Service was established right here as a bureau of the Treasury. In a terrible twist of irony, the legislation creating the agency was reportedly on Abraham Lincoln's desk the very day he was assassinated. For decades, the Secret Service focused solely on financial crimes like counterfeiting; they didn't take on the role of presidential protection until 1901.
Before we move on, consider that this building was also the site of the "Black Friday" gold scandal of 1869. Financiers Jay Gould and Jim Fisk tried to corner the gold market, driving prices sky-high. President Grant had to order the Treasury to flood the market with four million dollars in government gold-worth over eighty-five million today-to break their grip. The price crashed in minutes, bankrupting speculators instantly.
Let’s leave the high finance behind for a moment. Please walk forward into the large open paved space of Freedom Plaza just ahead. I will meet you there.
