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.
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