INDEPENDENCE DAY: Democratic (constitutionalist) President Van Buren signs the Independent Treasury Act, directing that federal funds be pulled out of commercial banks, and deposited into newly established federal depositories. Van Buren proposed establishing the Independent Treasury, after a great deal of federal funds were lost due to bank failures, during the Panic of 1837.
[updated 9/5/2026]
Subsequent Events:
Authority:
Article I, Section 8 [Clauses 2 and 5]
ccc-2point0.com/constitution-for-the-united-states
Article I, Section 9 [Clause 7]
ccc-2point0.com/constitution-for-the-united-states
Article I, Section 10, Clause 1
ccc-2point0.com/constitution-for-the-united-states
References:
Calvin D. Linton, ed. The Bicentennial Almanac: 200 Years of America, 1776-1976, (Nashville, Tennessee: Thomas Nelson, 1975), 115.
U.S. Banking Timeline
www.libertyforlife.com/banking/currency-us-timeline.html
us events
www.duke.edu/~charvey/Country_risk/chronology/us-events.htm
Reader’s Companion to American History — INDEPENDENT TREASURY
college.hmco.com/history/readerscomp/rcah/html/rc_045100_independentt.htm
Current U.s. National Debt:
