Creation of The System
The Democrats won the election of 1844, and re-established the Independent Treasury System in 1846.
The Act of August 1846 provided that the public revenues be retained in the Treasury building and in sub-Treasuries in various cities. The Treasury was to pay out its own funds and be completely independent of the banking and financial system of the nation. All payments by and to the government were to be made in either specie or Treasury Notes. The separation of the Treasury from the banking system was never completed, however; the Treasury’s operations continued to influence the money market, as specie payments to and from the government affected the amount of hard money in circulation.
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