THE DEPARTMENT OF THE TREASURY--II
THE INDEPENDENT TREASURY
References.-- D. KINLEY: The Independent Treasury.-- J. B. PHILLIPS: Methods of Keeping the Public Money of the United States ( Pub. Mich. Pol. Sci. Assn., Vol. IV).-- H. C. ADAMS: The Science of Finance, 214-215.--House Reports, 52d Congress, 1st session, Vol. 10, No. 2143.-- Forum, 29:1.-- Review of Reviews, 21:202.
A. S. BOLLES: The Financial History of the United States, II, 567-575; III, 523-535.-- Senate Reports, 1888, No. 507, Vol. 2, 1-474.--Decisions of the Comptroller of the Treasury.-- Political Science Quarterly, 5:214.-- American Law Review, 25:727.-- Magazine of American History, 23:241; 25:71.
F. A. CLEVELAND: Funds and Their Uses, ch. 9.-- H. WHITE: Money and Banking.-- C. F. DUNBAR: Chapters in Banking, ch. 9.-- J. J. KNOX: History of Banking, 128-131.-- D. K. WATSON: History of American Coinage.-- F. W. TAUSSIG: The Silver Situation.--Political Science Quar- terly, 15:482.-- Quarterly Journal of Economics, 14:394.-- North Amer- ican Review, 141:197; 167:710; 172:261.
S. I. KIMBALL: Organization and Methods of the United States Life- Saving Service.-- Harper's Monthly, 64:357.-- New England Magazine, n. s., 2:134.-- Popular Science Monthly, 44:346.-- Century, 33:925.;-- Journal Franklin Institute, 133:1.
By the act of 1789 establishing the department, the Treasury was given a legal but not a substantial existence; and for the first few years state banks were used as the custodian of gov- ernment funds and financial agents of the government. Under the act of 1791 establishing the first Bank of the United States, that institution became the official agent of the Treasury, and