John C. Spencer (1788-1855), formerly President Tyler's Secretary of War, became Tyler's Secretary of the Treasury in 1843 following Walter Forward's resignation. Like his predecessor, Spencer was preoccupied with the tariff and believed that the deficit and other federal expenditures should be funded by duties on imports rather than by internal taxation. When he assumed office he was forced to announce that for the fiscal year 1843. The expenditures of the treasury had exceeded its receipts, and he advocated additional import duties on certain articles such as coffee and tea. He also continued to develop a plan, initiated by Forward, for a Board of Exchequer to keep and disburse public funds raised by duties.
The Exchequer bill, which reflected the government's continuing interest in some form of independent treasury system, failed due to a political conflict in Congress. As the only Northerner in a cabinet dominated by Southern interests, Spencer found it increasingly difficult to serve Tyler and finally resigned in 1844 in opposition to Tyler's annexation of Texas.
- Text Courtesy of the Office
of the Curator
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos - Last Exhbit at the 2008 GOP Convention:
http://www.pinellasrepublican.org/
Forgotten Founders Historic Documents and Coins of Freedom - By Stanley
L. Klos
Uncommon Sense: President Obama and
US China Trade 1784-2009
The United Colonies 1st
government began in a Philadelphia Tavern
and the United States 1st federal government ended in a
NYC Tavern!
The Founders convened the government in 11 different capitol buildings and
experienced 15 years of challenges that
included war,
hyper-inflation, a failed
constitution, judicial corruption, armed citizen and U.S. Army rebellions.
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