Independent Treasury Act of 1846

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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)

How this entity was disambiguated

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 (United States) ⓘ
linked to: Democratic Party
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 ⓘ
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 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 (United States) ⓘ
linked to: Whig Party
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 administration ⓘ
linked to: James K. Polk
timePeriodInForce mid-19th century United States ⓘ

How these facts were elicited

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 proposal by Martin Van Buren ⓘ
linked to: Independent Treasury Act of 1846