The only real "power" that the first president had, is to represent all thirteen states to negotiate the treaty with the other nations. At that times, it means the european powers, especially UK, France and Spain. The only meaningful federal revenue is custom duties and fees (92% of total revenue). 

There is no regular (standing) army, except one regime as west frontier boarder patrol, and one battery to guard the west point arsenal.State militia became the only ground forces of US had at that time.

On the other hand, the federal inherited large amount of the debt (foreign debt, domestic national debt and state debt). It ran on the deficit budget since day 1.The circulation of private bank-notes, US treasury-notes caused the confusion, coupled with the mounting war debt, have further devalue the bond and decrease the US credit. The ability of federal and state government to borrow the money at affordable interest rate are at the stake. After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States and authorized it to issue paper bank notes to eliminate confusion and simplify trade. However, "paper money" is the dirty words at the time due to its bad reputation from Continental Notes. It was until 1792 (three years into Geroge Washington's first term), the congress passed Coinage Act to establish the US Mint. In 1793 the first US Silver dollar coin was struck in Philadelphis. That finally puts the end of the chaos.

The first cabinet:

Secretary of Foreign Affairs/Secretary of State, Secretary of Treasury, Secretary of War, Attorney General and Postmaster General

You now can see the limited power and resources US president had at that time.Hopefully that will help you make judgement in the right context.