U. S. Sub Treasury established

The 29th Congress created the Independent Treasury. It was expanded with the creation of the national banking system in 1863. After the Custom House relocated, 26 Wall Street was repurposed into the United States Subtreasury. The building housed gold, silver, and currency vaults, with armories for protection. At its peak, the Subtreasury held 70% of the federal government's funds. Notably, a statue of George Washington was erected in 1883, commemorating his inaugural oath. By 1917, it stored $519 million in gold. Despite being near the 1920 Wall Street bombing, the building remained undamaged.

The Federal Reserve Bank replaced the Subtreasury system and the Subtreasury office closed.

The Panic of 1907 exposed the weaknesses of the Independent Treasury System, prompting Congress to establish the National Monetary Commission to prevent future financial instability. This commission's work led to the Federal Reserve Act of 1913, which created the Federal Reserve System and authorized the printing of Federal Reserve Notes. The act began transferring government funds from subtreasuries to the Federal Reserve. In 1920, the Independent Treasury Act officially closed the remaining subtreasuries, marking the end of the Independent Treasury System and the full transition to the Federal Reserve.