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.

All labels observed (5)

How this entity was disambiguated

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 System
surface form: Independent Treasury

Independent Treasury System
surface form: Subtreasury System
appliesToJurisdiction United States government
surface form: federal government of the United States
country United States of America
surface form: United States
creator James K. Polk
surface form: 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 period
surface form: 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
surface form: Whig Party leaders
proposedBy Martin Van Buren
relatedTo Federal Reserve System
National Banking Act of 1863
surface form: 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

How these facts were elicited

Referenced by (8)

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

Second Bank of the United States successor Independent Treasury System
Independent Treasury System alsoKnownAs Independent Treasury System
this entity surface form: Subtreasury System
Independent Treasury System alsoKnownAs Independent Treasury System
this entity surface form: Independent Treasury
Independent Treasury Act of 1846 reestablished Independent Treasury System
sub-treasury in St. Louis partOf Independent Treasury System
sub-treasury in New Orleans partOf Independent Treasury System
sub-treasury in New Orleans associatedWithPolicy Independent Treasury System
this entity surface form: independent treasury doctrine
Independent Treasury Act of 1840 implements Independent Treasury System
this entity surface form: independent treasury system