Page:The Presidents of the United States, 1789-1914, v. II.djvu/33

MARTIN VAN BUREN 15 Compelled by the fiscal embarrassments of the government, in the financial crash of 1837, to sum mon congress to meet in special session, September 4, 1837, he struck in his first message the key-note of his whole administration. After a detailed analysis of the financial situation, and of the causes in trade and speculation that had led to it, he pro ceeded to develop his favorite idea of an indepen dent treasury for the safe-keeping and disburse ment of the public moneys. This idea was not new. It was as old as the constitution. The practice of the government had departed from it only by insensible degrees, until at length, in spite of the protests of Jefferson, it had been consolidated into a formal order of congress that the revenues of the government should be deposited in the United States bank. On the removal of the deposits by Jackson in 1833, they had been placed in the cus tody of "the pet banks," and had here been used to stimulate private trade and speculation, until the crisis in 1837 necessitated a change of fiscal policy. By every consideration of public duty and safety, conspiring with what he believed to be economic advantage to the people, Van Buren en forced the policy of an independent treasury on a reluctant congress. There was here no bating of breath or mincing of words; but it was not until near the close of his administration that he suc ceeded in procuring the assent of congress to the