Panic of 1837 5

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  • 1. Began when every bank started accepting payment in only gold and silver coins Financial Crisis

2. Expansion and prosperity New railroads and canals Millions of acres of public lands were sold by the government. Paid off National Debt Surplus in Treasury Congress distributed surplus to the States Specie Circular issued by Andrew Jackson 3. ANDREW JACKSONS IMPACT Jacksons economic policies contributed to the Panic of 1837 saw the Bank of the United States as a monopoly of the rich. he was all about using gold and silver coins opposed to bank notes. removed all of the federal government's funds from the Bank of the U.S. and put them in state banks which led to fall of the Bank. Four years before the Bank's charter was expired The President of the Bank put in for a new charter but Jackson vetoed it. 4. (December 5, 1782 July 24, 1862) in Kinderhook, New York Eighth President of the United States First President not of British descent - He was Dutch President during the Panic - President for only 5 weeks prior He was blamed because of his refusal to involve the government. MARTIN VAN BUREN 5. Americas first depression - lasted 5 years Contributed to the damages and how long the Panic lasted 6. - The introduction of the inflation of paper money was a major contributor to the panic . It was caused by the excessive 7. Required potential property buyers to use specie rather than bank notes. Although the use of bank notes was easier than carrying specie around, banks were required to 8. was not comfortable with the increased flow of funds into U.S. by British investors. To combat this negative flow of funds, the 9. First depression 343 out of 850 banks closed Five year lond depression Unprecedented unemployment rate Impact lingered till 1843