Democratic (constitutionalist) President Polk signs the Independent Treasury Act of 1846, restoring the authority of the Secretary of the Treasury to maintain federal funds in sub-treasuries across the Union, as opposed to “pet,” private State banks that would speculate with federal deposits.
[restored 1/28/2022]
Subsequent Events:
Authority:
Article I, Section 9 [Clause 7]
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), 127.
Current U.s. National Debt:
