The Independent Treasury was the system for managing the money supply of the United States federal government through the U.S. Treasury and its sub-treasuries, independently of the national banking and financial systems. It was created on August 6, 1846, by the 29th Congress, with the enactment of the Independent Treasury Act of 1846 (ch. 90, 9 Stat. 59). It was expanded with the creation of the national banking system in 1863.[1][2] It functioned until the early 20th century, when the Federal Reserve System replaced it. During this time, the Treasury took over an ever-larger number of functions of a central bank and the U.S. Treasury Department came to be the major force in the U.S. money market.[3]
- ^ George A. Selgin, and Lawrence H. White. "Monetary Reform and the Redemption of National Bank Notes, 1863-1913." Business History Review (1994): 205-243. online
- ^ Franklin Noll "The United States Monopolization of Bank Note Production: Politics, Government, and the Greenback, 1862–1878." American Nineteenth Century History 13.1 (2012): 15-43.
- ^ David Kinley, “The Relation of the United States Treasury to the Money Market.” American Economic Association Quarterly, vol. 9, no. 1, 1908, pp. 199–211. online
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