The Panic of 1792: The History and Legacy of America’s First Financial Crisis by Charles River Editors

Author:Charles River Editors
Language: eng
Format: azw3
Publisher: Charles River Editors
Published: 2020-12-06T16:00:00+00:00

Duer served in a number of fairly important roles during the war and seemed to have done reasonably well. When Robert Morris resigned as Secretary of the Treasury, Duer was appointed as clerk to the three-man group replacing Morris. When Hamilton became Secretary of the Treasury in 1789, he appointed Duer as his assistant. There could have been few people in the government who better knew the fiscal policies being considered.

Although his lumber business prospered, Duer was still not a wealthy man, though he did his best to give that impression. He always dressed immaculately and often concluded business deals with lavish dinners at New York’s most expensive restaurants or with celebrations at Ranelagh, his large and imposing country residence just outside New York City. However, most of his deals and purchases were financed with borrowed money, and Duer was desperate to find a way of making money to support his extravagant lifestyle quickly.

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