Independent Treasury System
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The Independent Treasury System was a U.S. federal financial arrangement, established in the 19th century, in which the government managed its own funds through a network of sub-treasuries rather than using a central national bank.
Aliases (2)
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal financial system
→
|
| abolished |
1913
→
|
| abolishedBy |
Federal Reserve Act of 1913
→
|
| administeredBy |
Secretary of the Treasury
→
United States Department of the Treasury → |
| alsoKnownAs |
Independent Treasury
→
Subtreasury System → |
| appliesToJurisdiction |
federal government of the United States
→
|
| country |
United States
→
|
| creator |
James K. Polk administration
→
|
| economicImpact |
contributed to debates over hard money versus soft money
→
reduced federal reliance on private banks → |
| field |
monetary history of the United States
→
public finance → |
| financialPolicy |
kept federal funds out of private banks
→
required specie payments for many federal transactions → |
| followedBy |
Federal Reserve System
→
|
| hasComponent |
sub-treasury in Boston
→
sub-treasury in Charleston → sub-treasury in New Orleans → sub-treasury in New York City → sub-treasury in Philadelphia → sub-treasury in St. Louis → sub-treasury in other major U.S. cities → |
| hasPart |
Treasury Department vaults
→
network of sub-treasuries → |
| historicalPeriod |
Antebellum United States
→
Gilded Age → |
| inception |
1846
→
|
| initialEnactment |
Independent Treasury Act of 1840
→
|
| initialProposalDate |
1837
→
|
| initialRepeal |
1841
→
|
| legalBasis |
Independent Treasury Act of 1846
→
|
| locationOfImplementation |
Washington, D.C.
→
|
| mainFunction |
collection of federal revenues
→
disbursement of federal expenditures → management of federal government funds → |
| motivation |
response to the Panic of 1837
→
|
| opposedBy |
Whig Party leaders
→
|
| proposedBy |
Martin Van Buren
→
|
| relatedTo |
Federal Reserve System
→
National Banking System → Second Bank of the United States → |
| replaced |
use of state banks as federal depositories
→
|
| replaces |
Second Bank of the United States–style centralized banking for federal funds
→
|
| restoration |
1846
→
|
| supportedBy |
Democratic Party hard-money advocates
→
|
Referenced by (3)
| Subject (surface form when different) | Predicate |
|---|---|
|
Independent Treasury System
("Subtreasury System")
→
Independent Treasury System ("Independent Treasury") → |
alsoKnownAs |
|
Second Bank of the United States
→
|
successor |