Panic of 1837 By conner foley Jul 10, 1832 Jackson vetoes the renewal of the 2nd B.U.S. Jul 15, 1832 Jackson censured by the Senate for putting federal funds in state banks. Jul 18, 1832 Nicholas Biddle demanded that old loans be repaid and no new loans Sep 10, 1833 Jackson orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks". Jul 11, 1836 Specie Circular- Must use gold/silver to buy land. Mar 4, 1837 Martin Van Buren takes office. Jul 12, 1837 Banks run out of gold/silver and the governement can not get any money. Jan 7, 1841 State banks begin to accept payment only in specie Jan 10, 1841 2nd Bank of the United States officially closes and goes out of business Mar 4, 1841 William H. Harrison and the Whig party take control