Final answer:
President Martin Van Buren urged Congress to establish an independent treasury system in 1840 as part of efforts to stabilize the economy after the Panic of 1837.
Step-by-step explanation:
Martin Van Buren, the President of the United States at the time, urged Congress to create an independent treasury system in 1840. This proposal emerged as a significant part of the political discourse during Van Buren's presidency. Van Buren recommended this system as a means to promote economic recovery following the Panic of 1837 and to remedy the nation's currency and banking issues. The contentious proposal, seen as a hard-money solution when contrasted with paper currency preferences of some Democrats, eventually won the approval of Congress after several years of debate and adjustment, including John C. Calhoun's specie payment amendment which Van Buren found acceptable.