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Editorial
October 15, 1840
Kentucky Gazette
Lexington, Fayette County, Kentucky
What is this article about?
This editorial argues that the Independent Treasury system established by President Van Buren in 1840 mirrors the original 1789 Treasury Act signed by George Washington, portraying it as a return to constitutional principles and a rejection of Alexander Hamilton's later financial innovations associated with Federalism.
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Independent Treasury.—The following is the fourth section of an act entitled "an act to establish the Treasury Department." Approved on the 2d of September, 1789, by George Washington:
"Sec. 4. And be it further enacted, That it shall be the duty of the Treasurer to receive and keep the moneys of the United States, and to disburse the same, &c. He shall at all times submit to the Secretary of the Treasury and the comptroller, or either of them, the inspection of the moneys in his hands."
The following is the 30th section of the same act:
Sec. 30. And be it further enacted, That the duties and fees to be collected by virtue of this act, shall be received in gold and silver coin only."
It will thus be seen, that the act to establish a Treasury, approved by Martin Van Buren the 4th of July, 1840, is identical in principle with the act approved on the 2d of September, 1789, by George Washington; that the Independent Treasury system is a return to the good old plan of the framers of the Constitution; that Martin Van Buren, in recommending and approving the system, is only doing just what the Father of his Country did, and that now in establishing this system, we are only changing practices subsequently introduced by Alex. Hamilton, the first Secretary of the Treasury, and the great patron of Fund Mongering, Federalism and Aristocracy, and getting back to the original practice under it.—Maine Age.
"Sec. 4. And be it further enacted, That it shall be the duty of the Treasurer to receive and keep the moneys of the United States, and to disburse the same, &c. He shall at all times submit to the Secretary of the Treasury and the comptroller, or either of them, the inspection of the moneys in his hands."
The following is the 30th section of the same act:
Sec. 30. And be it further enacted, That the duties and fees to be collected by virtue of this act, shall be received in gold and silver coin only."
It will thus be seen, that the act to establish a Treasury, approved by Martin Van Buren the 4th of July, 1840, is identical in principle with the act approved on the 2d of September, 1789, by George Washington; that the Independent Treasury system is a return to the good old plan of the framers of the Constitution; that Martin Van Buren, in recommending and approving the system, is only doing just what the Father of his Country did, and that now in establishing this system, we are only changing practices subsequently introduced by Alex. Hamilton, the first Secretary of the Treasury, and the great patron of Fund Mongering, Federalism and Aristocracy, and getting back to the original practice under it.—Maine Age.
What sub-type of article is it?
Economic Policy
Partisan Politics
What keywords are associated?
Independent Treasury
Van Buren
Washington
Hamilton
Federalism
Treasury Act
What entities or persons were involved?
George Washington
Martin Van Buren
Alex. Hamilton
Treasury Department
Editorial Details
Primary Topic
Defense Of The Independent Treasury System
Stance / Tone
Supportive Of Van Buren And Washington, Critical Of Hamilton
Key Figures
George Washington
Martin Van Buren
Alex. Hamilton
Treasury Department
Key Arguments
The 1840 Independent Treasury Act Is Identical In Principle To The 1789 Treasury Act Approved By Washington
The System Returns To The Original Plan Of The Constitution's Framers
Van Buren Is Following Washington's Precedent
The Change Reverses Practices Introduced By Hamilton, Patron Of Federalism And Aristocracy