What happened to the Independent Treasury Act after the Whigs took power in 1841?
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Correct answer: They immediately and completely repealed the act
The Whigs hated the Independent Treasury because they believed it constricted the money supply. They repealed it in 1841, though it was later reenacted by the Democrats under James K. Polk in 1846 and remained until 1913.
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More Panic of 1837 questions
- The Specie Circular, issued by the Jackson administration in 1836, required that public lands be purchased using which of the following?
- Which of the following was a primary cause of the Panic of 1837?
- President Martin Van Buren’s response to the Panic of 1837 was largely characterized by which philosophy?
- How did the 'Distribution Act' of 1836 contribute to the financial instability leading up to the Panic of 1837?
- Which international factor significantly worsened the American economic crisis in 1837?
- What was the purpose of the Independent Treasury (or 'Sub-Treasury') system proposed by Martin Van Buren?