To address the crisis, the Whigs proposed rechartering the national bank. The president countered by proposing the establishment of an independent U.S. treasury, which he contended would take the politics out of the nation's money supply. Under the plan, the government would hold its money in gold or silver, and would be restricted from printing paper money at will; both measures were designed to prevent inflation. The plan would permanently separate the government from private banks by storing government funds in government vaults rather than in private banks. Van Buren announced his proposal in September 1837, but an alliance of conservative Democrats and Whigs prevented it from becoming law until 1840. As the debate continued, conservative Democrats like Rives defected to the Whig Party, which itself grew more unified in its opposition to Van Buren. The Whigs would abolish the Independent Treasury system in 1841, but it was revived in 1846, and remained in place until the passage of the Federal Reserve Act in 1913. More important for Van Buren's immediate future, the depression would be a major issue in his upcoming re-election campaign.