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Whig cartoon showing the effects of unemployment on a family that has portraits of Democratic Presidents Andrew Jackson and Martin Van Buren on the wall. The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s. Profits, prices, and wages dropped, westward expansion was stalled, unemployment rose, and pessimism abounded.

The financial panic of 1837 was the result of President Andrew Jackson's disastrous economic policies. The Jackson administration triggered an economic panic that led to a severe national depression. President Andrew Jackson's policies were blamed for triggering the panic, which caused many Americans to experience economic woes. President ...

Sellers wrote that "the collapse of agricultural prices made it impossible for state banks to collect from borrowers or meet obligations to the national Bank. ... By identifying the Bank with Clay and the nation's economic elite, Andrew Jackson reenforced his own populist credentials. Jackson framed the conflict in terms of class. Jackson ...

President Andrew Jackson's war on the national bank, Specie Circular and surplus distribution fueled speculation, destabilized banking, caused the Panic of 1837 ... Jackson subjected the American people to the real tyranny of economic collapse. History must judge Jackson’s economic leadership harshly. It stands as a testament to the dangers ...

At the end of Andrew Jackson’s presidency the United States was hurtling towards an economic crash. The significance of what is now known as the Panic of 1837 is just how devastating it was for the economy, which took years to recover. Hundreds of banks failed, businesses closed, unemployment skyrocketed, and international trade ground to a halt.

Thanks to the irresponsible actions of Andrew Jackson, the U.S. entered a serious economic depression following the failure of the New Orleans cotton brokerage firm, Herman Briggs & Co in March of 1837. Inflated land values, speculation and wildcat banking contributed to the crisis, which became known as the “Hard Times of 1837-1843.”

Summary and Definition of Panic of 1837 Definition and Summary: The Panic of 1837 was a crisis in financial and economic conditions in the nation following changes in the banking system initiated by President Andrew Jackson and his Specie Circular that effectively dried up credit. Other causes of the Panic of 1837 included the failure of the wheat crop, a financial crisis and depression in ...

In The Rise of Andrew Jackson: The Bank War. The Panic of 1837 seemed to vindicate Nicholas Biddle, who had warned that without the BUS to monitor credit and control currency, the economy would run rampant and finally wreck. In any case, Jackson’s successor Martin Van Buren would suffer the consequences of this policy and… Read More

Andrew Jackson's destruction of the bank was ultimately calamitous. The elimination of the Bank in 1836 lead to the Panic of 1837 and a broad based economic crisis. Since Jackson's term ended in 1836, President Martin Van Buren was left to pick of the pieces of the US economy after the collapsed in 1837. Works Cited

The origins of the Panic of 1837 can be located in the three years of rapid economic expansion in the United States from 1834 to 1836. Legislation that devalued the dollar in 1834, combined with the instability wrought by Antonio Lopez de Santa Anna ’s rise to power in Mexico, attracted gold and silver from abroad. As a general rule banks printed more paper money when precious metals ...

The Panic of 1837 was a major recession in the US economy that began in the spring of 1837 and lasted until the mid-1840s. During the “panic,” also referred to as “hard times,” hundreds of banks collapsed, currency lost value as prices soared, and farmers, merchants, and business owners across the country suffered severe financial losses or ruin.

The uncontrolled rapid economic growth led to runaway inflation that doomed the economy. Collapse of Cotton Prices. ... Andrew Jackson’s executive order in 1836 called the Specie Circular undoubtedly was a major cause of the Panic of 1837. The Deposit Act of 1836 passed by Congress also contributed to the onset of the crisis.

PANIC OF 1837 In the early nineteenth century an unstable currency and a new shaky banking system supported the nation's economic foundation. Construction of the nation's transportation system, which consisted of railroads and canals, led to accumulation of large debts by investors in the early 1830s. In addition speculation was rampant in western lands as states became settled, and new banks ...

The Many Panics of 1837: People, Politics, and the Creation of a Transatlantic Financial Crisis, by Jessica M. Lepler, Cambridge University Press, 337 pages, $29.95. In May 1837, a major financial ...

President Andrew Jackson was a “hard money” man. He saw specie—that is, gold and silver—as real money, and considered paper money a suspicious store of value fabricated by corrupt bankers. ... triggering a collapse of credit and a severe and prolonged decline in production and employment across the country. Post-Crisis: Two Tendencies ...

The Panic of 1837 was a significant financial crisis in the United States that triggered a prolonged economic depression lasting well into the 1840s. It was ... Tuesday, May 6, 2025 ... Jackson’s Bank Policies: President Andrew Jackson played a central role in creating the conditions that led to the Panic. One of the most notable actions was ...

One of the most notable economic policies of Andrew Jackson was his staunch opposition to the Second Bank of the United States. Established in 1816, the Second Bank was meant to stabilize the nation's currency and economy. However, Jackson saw it as a monopoly that benefited the wealthy at the expense of the common people.

The Panic of 1837 was a severe economic crisis that led to a major recession in the United States, triggered by a combination of speculative land investments, bank failures, and the decline in cotton prices. This financial panic marked a significant downturn during Andrew Jackson's presidency, showcasing the volatility of the economy and the challenges facing the emerging democratic landscape ...

Over the previous decade, the American economy had soared to fantastic new heights and plunged to dramatic new depths. Many Americans blamed the Panic of 1837 on the economic policies of Andrew Jackson, who is sarcastically represented in the lithograph as the sun with top hat, spectacle, and a banner of “Glory” around him.

President Andrew Jackson is infamous for vetoing the re-charter of the Second Bank of the United States, a federally chartered central bank, and then prematurely removing the government’s funds from it, also known as his “Bank War.” ... When the US suffered a banking panic in 1837, the economy slipped into a severe depression that lasted ...