Independent Treasury Act of 1846

E298172

The Independent Treasury Act of 1846 was a U.S. federal law that reestablished a system for the government to manage its own funds independently of private and state banks, laying the foundation for a more centralized national fiscal structure.

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All labels observed (2)

Statements (47)

Predicate Object
instanceOf United States federal statute
financial legislation
administeredBy United States Department of the Treasury
appliesTo federal disbursements
federal revenues
associatedWithParty Democratic Party
surface form: Democratic Party (United States)
associatedWithPolicy hard money policy
category 1846 in American law
Presidency of James K. Polk
United States federal financial legislation
component requirement that public payments be made in specie or hard money with limited exceptions
country United States of America
surface form: United States
created network of independent subtreasuries
dateEnacted 1846
effect prohibited deposit of federal funds in private banks
prohibited deposit of federal funds in state-chartered banks
required federal revenues to be collected and kept in the Treasury and subtreasuries
enactedBy 29th United States Congress
historicalContext post–Second Bank of the United States era
response to the financial instability highlighted by the Panic of 1837
implementedSystem direct custody of federal funds by the Treasury
influenced debates over creation of the Federal Reserve System
inForceUntil early 20th century reforms leading to the Federal Reserve System
jurisdiction United States government
surface form: United States federal government
languageOfWork English
legalForm Act of Congress
locationOfImplementation Treasury subtreasuries in major U.S. cities
longTermImpact influenced later development of the United States Treasury system
laid groundwork for a more centralized national fiscal structure
reduced reliance of the federal government on private banking institutions
opposedBy Whig Party
surface form: Whig Party (United States)
precededBy Independent Treasury Act of 1840
repeal of the Independent Treasury system in 1841
presidentAtEnactment James K. Polk
purpose to create a system for the federal government to manage its own funds
to separate federal government finances from private and state banks
reduced interdependence between federal government and commercial banks
reestablished Independent Treasury System
relatedTo Panic of 1837
Second Bank of the United States
Specie Circular
signedBy James K. Polk
subjectMatter government banking
monetary policy
public finance
supportedBy James K. Polk
surface form: James K. Polk administration
timePeriodInForce mid-19th century United States

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Instruction
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Input
Subject: Independent Treasury Act of 1846
Description of subject: The Independent Treasury Act of 1846 was a U.S. federal law that reestablished a system for the government to manage its own funds independently of private and state banks, laying the foundation for a more centralized national fiscal structure.

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Independent Treasury System legalBasis Independent Treasury Act of 1846
sub-treasury in New Orleans governedBy Independent Treasury Act of 1846
Panic of 1837 significantPolicy Independent Treasury Act of 1846
this entity surface form: Independent Treasury proposal by Martin Van Buren