USA HISTORY

Detailed explanation-1: -Further, he argued that it was not government’s business to regulate “domestic exchange.” Instead, Van Buren proposed a policy that would completely separate the government from banks. In addition, the government would collect, keep and disburse it’s own funds independent of the national banking and financial system.

Detailed explanation-2: -To confront the country’s economic woes, Martin Van Buren proposed the establishment of an independent treasury to handle the federal funds that had been moved to state banks and cut off all federal government expenditures in order to ensure the government would remain solvent.

Detailed explanation-3: -Declaring that the panic was due to recklessness in business and overexpansion of credit, Van Buren devoted himself to maintaining the solvency of the national Government. He opposed not only the creation of a new Bank of the United States but also the placing of Government funds in state banks.

Detailed explanation-4: -Economic Panic of 1837. The severe downturn in the American economy that began in 1836 became Van Buren’s primary concern during his presidency. Historians have identified three causes of the depression that wracked the American economy during the late 1830s.

Detailed explanation-5: -With his hard-won victory in the tariff debate, Polk next moved to revive the Independent Treasury Act that President Martin Van Buren had signed into law in 1840 and the Whig-dominated Congress had repealed the next year.