Martin Van Buren

Independent Treasury System

independent treasury

Henry Clay's "American System" advocated federal funding for infrastructure, such as the creation of roads and canals as well as established a national bank and protective tariffs. An independent treasury was not included.

Initially, the Independent Treasury was opposed by the families and private interests who founded the First and Second (central) Banks of the United States, who lost their charter by 1833, subsequent to the election of Andrew Jackson. Later on, the Independent Treasury was opposed by powerful militarists during the Civil War, when the supply of specie was inadequate to fund the costs of the war.