JACKSONIAN DEMOCRACY 1825 1850
AGE OF THE COMMON MAN
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This stated that the government would only put their money in come state banks but not all of them
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This stated that the government would establish a Federal Reserve
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This stated that no government money would go into state banks but independent treasuries around the country. When the government needed money then it would take it out
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None of these
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Detailed explanation-1: -The 1846 act 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.
Detailed explanation-2: -1846-Independent Treasury Act This Act required that all federal funds be deposited in treasuries independent of private banks. It also mandated that all debts due to the federal government be paid in gold, silver, or treasury notes.
Detailed explanation-3: -Independent Treasury Act of 1846 The act established independent treasury deposit offices separate from private or state banks to receive all government funds.
Detailed explanation-4: -passed (July 4, 1840) the Independent Treasury Act, which fulfilled the primary Locofoco aim: complete separation of government from banking.
Detailed explanation-5: -Creation of the System The Democrats won the presidential election of 1844, and measures were inaugurated to restore the Independent Treasury System. The act of Aug., 1846, provided that the public revenues be retained in the Treasury building and in subtreasuries (see subtreasury) in various cities.