315. The Independent Treasury System
What should be done with the govern - ment ＇ s money ? No one could think of deposit - ing it with the state banks . Clay and his friends thought the best thing to do would be to es - tablish a new United States Bank . But Van Buren was opposed to that . His plan , in short , was to build vaults for storing money in Washington and in the leading cities . The main storehouse or Treasury was to be in Washington , subordi - nate storehouses or sub - treasuries were to be established in the other cities . To these sub - treasuries the collectors of customs would pay the money colected by them . In this way the government would become independent of the general business affairs of the country . In 1840 Congress passed an act for putting this plan into effect . But before it was in working order , Van Buren was no longer President .
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