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.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Independent Treasury Act of 1846 canonical | 2 |
| Independent Treasury proposal by Martin Van Buren | 1 |
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 ⓘ |
How these facts were elicited
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Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
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.
this entity surface form:
Independent Treasury proposal by Martin Van Buren