
Oliver Wolcott Jr.
Former United States Secretary of the Treasury
Education
- Graduated - Yale University
- law -
Overview
Oliver Wolcott Jr. was an American politician and judge. He was the second United States Secretary of the Treasury, a judge of the United States Circuit Court for the Second Circuit, and the 24th Governor of Connecticut. His adult life began with working in Connecticut, followed by participating in the U.S. federal government in the Department of Treasury, before returning to Connecticut, where he spent his life before his death. Throughout his time in politics, Wolcott's political views shifted from Federalist, to Toleration, and finally Jacksonian. Oliver Wolcott Jr. is the son to Oliver Wolcott Sr., part of the Griswold-Wolcott family.
Early career :
He was clerk of the Connecticut Committee on Pay-Table from 1781 to 1782. He was a member of the Connecticut Committee on Pay-Table from 1782 to 1784. This group was responsible for accounting Connecticut's military expenses during the American Revolution.
Wolcott was also commissioner to settle claims of Connecticut against the United States from 1784 to 1788. He was Comptroller of Public Accounts for Connecticut from 1788 to 1789. He was Auditor for the United States Department of the Treasury from 1789 to 1791. He was Comptroller for the United States Department of the Treasury from 1791 to 1795. He was a commission merchant in New York City from 1793 to 1815. He was the 2nd Secretary of the Treasury from 1795 to 1800.
Treasury Department :
Before becoming the 2nd Secretary of Treasury, Wolcott was the first Auditor in the Treasury Department. According to Richard White, his duties as Auditor consisted of making the first examination of accounts and determining balances on all claims against the government. Working under the 1st Secretary of Treasury Alexander Hamilton and a fellow Federalist, this opened Wolcott up to attacks from Thomas Jefferson, as Hamilton and Jefferson were the de facto leaders of the first political parties: Hamilton’s Federalists and Jefferson's Democratic Republicans.
The growing size and procedures of the federal government were implemented by bureaucrats like Wolcott. Wolcott was responsible for the branch system of the Bank of the United States that was approved by stockholders. Wolcott’s loyalty was rewarded when the Comptroller at the time, Nicholas Eveleigh, passed away in the spring of 1791. Hamilton wrote to Washington recommending Wolcott for the position on April 17, 1791, before Washington followed Hamilton's recommendation.As Comptroller, Wolcott was responsible for supervising the collection of duties on impost and tonnage.
Hamilton resigned as Secretary of the Treasury in January 1795. President Washington appointed Wolcott to be the 2nd Secretary of the Treasury. While Wolcott was Secretary of the Treasury, he maintained close contact with Alexander Hamilton. Hamilton was able to influence Washington’s cabinet remotely through Wolcott as Secretary of the Treasury thanks to Wolcott’s loyalty when he worked under Hamilton as the 1st Secretary of the Treasury. This would no longer be the case when John Adams, a rival of Hamilton, became president in 1797. Apart from the Hamilton and Adams rivalry, Democratic Republicans continued their growing influence in government and attempts to oppose the Federalists. Albert Gallatin, a Jeffersonian, created the Ways and Means committee for Congress and the Legislature Branch to participate in determining financial policy and reduce the treasury’s growing power. Wolcott had major responsibility for financing the Quasi-War with France in 1798-1800
Early Life
Oliver Wolcott Jr. Born on January 11, 1760, in Litchfield, Connecticut Colony, British America, Wolcott served in the Continental Army from 1777 to 1779, during the American Revolutionary War, then graduated from Yale University in 1778, where he was a member of Brothers in Unity and read law in 1781.
Oliver Wolcott Jr. and the Wolcott family were part of the Standing Order in Connecticut. This was a small group of families that were the elite members of Connecticut society, influencing politics, religion, and social power. John Adams compared them to the aristocracy of Connecticut. Wolcott Jr. developed his own sense of beliefs that differed from the Standing Order and was more inclusive of the general population in Connecticut.
Career
- United States - Former Secretary of the Treasury