Panic of 1837

Jackson vetoes the renewal of the Second Bank of the United States

Jul 10, 1832

Jackson vetoes Bank billJackson vetoes it just a week after congress passed it, and argues its unconstitutional.

Jackson orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks"

Sep 10, 1833

Andrew Jackson is trying to destroy the Bank, and he put money in state banks.

Jackson censured by the Senate for putting federal funds in state banks

Mar 28, 1834

U.S. Senate: Censure Andrew Jackson
Jackson was the 1rst president to be censured for refusing to turn over documents. Documents regarding jackson's veto legislation.

Nicholas Biddle demanded that old loans be repaid and no new loans

Apr 4, 1834

Nicholas Biddle/loans
Nicholas Biddle tries to help in economy.

Specie Circular-Must use gold/silver to buy land

Jul 11, 1836

Specie Circular
The government would allow only land to be paid in silver or gold. Jackson issued this because high inflation.

State banks begin to accpet payment only in specie

Aug 15, 1836

State Banks only accept payment in specie
They had to either pay in gold or silver, which also led to the closing of the bank.

Martin Van Buren takes office

Mar 4, 1837

Presidential Inauguration.Martin Van Buren. March 4, 1837
Martin Van Buren serves from 1837 to 1841. He was the first preseident who was not born a British subject; First time the President-elect and President rode to the capitall together.

Banks run out of gold/silver and the government can not get any money

May 5, 1837

Government cant get money

2nd Bank of the United States goes out of business

Jan 1, 1841

Second Bank of the United States
One of Andrew Jackson's goal was the destroy the bank.

William H. Harrison and the Whig Party take control

Mar 4, 1841

William H. Harrison and the Whig Party take control
William H. Harrison died while in office, and was the first.