James K. Polk

James Knox Polk (November 2 1795 – June 15 1849) was the eleventh President of the United States, serving from March 4, 1845 to March 4, 1849. Polk was born in Mecklenburg County, North Carolina, but mostly lived in and represented the state of Tennessee. A Democrat, Polk served as Speaker of the House (1835–1839) and Governor of Tennessee (1839–1841) prior to becoming president. He is (as of 2005) the only former Speaker of the House to become President. He is noted for his expansionist beliefs, for his pledge to serve only one term, and for becoming the first "dark horse" (a candidate who unexpectedly gains the party nomination) to win the presidency.

Domestic policy

When he took office on March 4 1845, Polk, at 49, became the youngest man to assume the presidency up to his time. Polk set four clearly defined goals for his administration: the re-establishment of the independent treasury, the reduction of tariffs, the settlement of the Oregon boundary dispute, and the acquisition of California from Mexico. Resolved to serve only one term, Polk acted swiftly to fulfill his campaign promises. In just four years, he would oversee the accomplishment of all his objectives.

Related Topics:
March 4 - 1845 - Treasury - Tariff - California

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In 1846, Polk proceeded to carry out his domestic agenda, but at the cost of much discontent in his own party. Congress approved the Walker Tariff (named after Robert J. Walker, the Secretary of the Treasury), which represented a substantial reduction of the high Whig-backed Tariff of 1842. The new law abandoned ad valorem tariffs; instead, rates were made independent of the monetary value of the product. Polk's actions were popular in the South and West; however, they earned him the contempt of many protectionists in the Northeast.

Related Topics:
1846 - Walker Tariff - Robert J. Walker - Secretary of the Treasury - Tariff of 1842 - Ad valorem - Protectionists

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In the same year, Polk also approved an enactment restoring the Independent Treasury system, under which government funds were held in the Treasury, rather than in banks or other financial institutions. The Independent Treasury, created by the Democrats in 1840, had been abolished by the Whigs in 1841. After Polk re-established it, the Independent Treasury continued to remain in existence until 1920. The Independent Treasury Act, however, incurred the displeasure of many pro-bank Democrats.

Related Topics:
1840 - 1920

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