1847 – The Independent Treasury Act comes into force

James Knox Polk was the eleventh President of the USA. In 1846, he approved a law restoring the Independent Treasury System, under which government funds were held in the Treasury and not in banks or other financial institutions.

This established independent treasury deposit offices, separate from private or state banks, to receive all government funds. The money belonging to the treasury could thus be separated from the market, ensuring that neither could influence the other. Unfortunately, that turned out not to be how it worked in practice, and the Independent Treasury System was eventually discontinued in 1921.

Referenced in:
James K. Polk – They Might Be Giants

1847 – The Treaty of Cahuenga ends fighting in California

Along with Texas, California was one of the major battlegrounds in the Mexican-American War of 1846 – 1848, and the surrender of Hispanic forces in California was a turning point in the war. The American forces – better equipped and better motivated, drove the Mexicans slowly southward.

The war proper would come to an end in 1848, with Mexico’s cession of a large territory (comprising the modern US states of California, Nevada and Utah, as well as portions of Arizona, Colorado, New Mexico, and Wyoming). The victory is widely regarded as one of the most significant achievement of the Presidency of James Knox Polk (whose sole term was from 1845 to 1848).

Referenced in:
James K. Polk – They Might Be Giants