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1840 JAMES BUCHANAN SPEECH - INDEPENDENT TREASURY Rare
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1840 JAMES BUCHANAN SPEECH - INDEPENDENT TREASURY Rare
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REMARKS OF MR. BUCHANAN, OF PENNSYLVANIA, IN REPLY TO MR. DAVIS, OF MASSACHUSETTS, AGAINST THE INDEPENDENT TREASURY BILL. SENATE U.S. MARCH 3 1840. WASHINGTON: PRINTED AT THE GLOBE OFFICE. 1840. Original 8 page pamphlet with extraction roughness to spine, with a couple small ink drops obscuring a couple letters of each page. RARE FIRST EDITION. This is one of many speeches I have offered INDEPENDENT TREASURY ACT and THE NATIONALIZED UNITED STATES BANK. Read insightful, often eloquent, and sometimes heated debate on the role of the Federal Government in the United States Banking and Financial institutions. It is remarkable how many of the issues are still facing us today! The Independent Treasury Act , passed in 1840, removed the federal government from involvement with the nation's banking system by establishing federal depositories for public funds instead of keeping the money in national, state, or private banks. The act was proposed by President Martin Van Buren in 1837, partly in response to the fact that public funds had been lost when many state banks failed during the panic of 1837. Passage was delayed, however, until southern Democrats could be persuaded to join northern Democrats in approving the measure. Under the Independent Treasury Act, bank notes were to be gradually phased out for payments to and from the government; by June 30, 1843, only hard money was to be accepted. The bill also established subtreasuries for federal funds in New York, Boston, Philadelphia, St. Louis, New Orleans, Washington, and Charleston--hence its alternative title, the subtreasury bill.The Whigs, led by Henry Clay and Daniel Webster, opposed the Independent Treasury; they were committed to the reestablishment of a national bank like the one defeated by President Andrew Jackson in 1832. After winning a congressional majority in the election of 1840, the Whigs succeeded in repealing the Independent Treasury Act (August 13, 1841), although they were unable to gain President John Tyler's support for their national bank proposals. For the rest of Tyler's term, in spite of repeated Democratic efforts to reestablish the subtreasury system, the secretary of the treasury was left free to manage public funds according to his discretion, usually by depositing them in state banks. The return of the Democrats to power after the election of 1844 led to the passage in 1846 of a new Independent Treasury Act, nearly identical to that of 1841. This legislation remained substantially unchanged until passage of the Federal Reserve Act in 1913. The subtreasuries were finally abolished in 1920. SOURCE JAMES BUCHANAN : Representative and a Senator from Pennsylvania and 15th President of the United States; born at Cove Gap, near Mercersburg, Franklin County, Pa., April 23, 1791; moved to Mercersburg, Pa., with his parents in 1799; was privately tutored and then attended the village academy; graduated from Dickinson College, Carlisle, Pa., in 1809; moved to Lancaster, Pa., the same year; studied law; admitted to the bar in 1812 and practiced in Lancaster; was one of the first volunteers in the War of 1812 and served in the defense of Baltimore; member, State house of representatives 1814-1815; elected to the Seventeenth and to the four succeeding Congresses (March 4, 1821-March 3, 1831); chairman, Committee on the Judiciary (Twenty-first Congress); was not a candidate for renomination in 1830; one of the managers appointed by the House of Representatives in 1830 to conduct the impeachment proceedings against James H. Peck, judge of the United States District Court for the District of Missouri; Minister to Russia 1832-1834; elected as a Democrat (Jacksonian) to the United States Senate to fill the vacancy caused by the resignation of William Wilkins; reelected in 1837 and 1843 and served from December 6, 1834, until he resigned on March 5, 18... 
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