The day after his election, February 18, 1801, Mr.Jefferson communicated to Mr.
Gallatin the names of the gentlemen he had already determined upon for his cabinet, and tendered him the Treasury.

The only alternative was Madison; but he, with all his reputation as a statesman and party leader, was without skill as a financier, and in the debate on the Funding Bill in 1790 had shown his ignorance in the impracticability of his plans.

If Jefferson ever entertained the thought of nominating Madison to the Treasury, political necessity absolutely forbade it.

That necessity Mr.Gallatin, by his persistent assaults on the financial policy of the Federalists, had himself created, and he alone of the Republican leaders was competent to carry out the reforms in the administration of the government, and to contrive the consequent reduction in revenue and taxation, which were cardinal points of Republican policy.

Public opinion had assigned Gallatin to the post, and the newspapers announced his nomination before Mr.Jefferson was elected, and before he had given any indication of his purpose.