Giles promptly took up the challenge, and moved the appointment of a committee to examine the state of the Treasury Department in all its particulars. Pending action by the House, a new complication was introduced, which, though meant as a blow at Hamilton, resulted in a signal triumph for him. His enemies got hold of a discharged clerk of the Treasury Department by means of whom they now tried to counteract the effect of Hamilton's challenge. Two days after Hamilton's letter to the Speaker, a memorial from Andrew G. Fraunces was laid before the House making charges which amounted to this: that there was a combination between Hamilton and other officers of the Treasury Department to evade payment of warrants so that they could be bought up for speculative purposes. Hamilton's request for an investigation was allowed to lie on the table, but the memorial from Fraunces was referred to a select committee of which Giles was a member. This circumstance turned out to be much to Hamilton's advantage. Giles was an erect, bold, manly foe; he could not stomach the sort of testimony upon which depended the charges against Hamilton's personal integrity, and he concurred in a report on Hamilton finding that the evidence was "fully sufficient to justify his conduct; and that in the whole course of this transaction the Secretary and other officers of the Treasury have acted a meritorious part towards the public."
Giles, while exonerating Hamilton of the charge of dishonesty, did not desist from pressing his motion for further investigation of the Treasury Department. But he admitted that imputations upon the Secretary's integrity had been quite removed, and he now urged that "the primary object of the resolution is to ascertain the boundaries of discretion and authority between the Legislature and the Treasury Department." In thus shifting his ground he presented a new issue in which the House--and indeed Giles's own party associates--took little interest. The fact was that the attack on Hamilton had failed, that the purpose of showing him to be unworthy of Washington's confidence had been abandoned as impracticable, and that all that remained was a proposal that the House should again engage in a laborious investigation of the desirability of attempting a new delimitation of the functions of the Treasury Department and of Congress. But this, of course, did not concern Hamilton. He had acted under existing laws and with responsibilities which were defined by them. If Congress saw fit to make new laws, the consequences would fall upon his successor in office, not upon him since he was about to retire. If Congress made fetters for the Secretary, it might even be that some member of Giles's own party would have to wear them. Thus, however Giles's latest proposal might be viewed, it was not attractive. Moreover, it was presented at a time when the House had much more urgent matters to consider. The country was wild with excitement over the retaliating orders and decrees of Great Britain and France, which subjected American interests to injury from both sides. Giles and Page appear to have been the only speakers on the resolution when it was taken up for consideration on February 24, 1794, and both disclaimed any intention of reflecting upon Hamilton. The resolution received decent interment by reference to a committee, with no one objecting. The practical conclusion of the matter was that Hamilton had beaten his enemies once more and beaten them thoroughly.