The Jacksonians had no intention of leaving a permanent system of pet banks, and so Jackson’s chosen successor Martin Van Buren fought to establish the Independent Treasury System, in which the federal government conferred no special privilege or inflationary prop on any bank; instead of a central bank or pet banks, the government was to keep its funds solely in specie, in its own Treasury vaults or "subtreasury" branches. Van Buren managed to establish the Independent Treasury in 1840, but the Whig administration repealed it the following year. Finally, however, Democratic President Polk installed the Independent Treasury System in 1846, lasting until the Civil War.
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Panic of 1837 - Mises Wiki, the global repository of classical-liberal thought in contrast, real consumption increased by 21 percent and real GNP by 16 percent during this period. It seems that only the initial months of the contraction worked a hardship. And most of the deflation period was an era of economic growth.
<span>The Jacksonians had no intention of leaving a permanent system of pet banks, and so Jackson’s chosen successor Martin Van Buren fought to establish the Independent Treasury System, in which the federal government conferred no special privilege or inflationary prop on any bank; instead of a central bank or pet banks, the government was to keep its funds solely in specie, in its own Treasury vaults or "subtreasury" branches. Van Buren managed to establish the Independent Treasury in 1840, but the Whig administration repealed it the following year. Finally, however, Democratic President Polk installed the Independent Treasury System in 1846, lasting until the Civil War. [3]
References[edit]
↑ Hubert H. Bancroft. The financial panic of 1837, from the The Great Republic By the Master Historians Vol. III. Referenced 2011-01-13.
↑ Murray N. Rothbard. A His Summary
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