-
Whigs
The Whigs organized soon after the election of 1832. They were opponents of Jackson and their name symbolizes opposition to Jackson's "monarchy like" rule. Run their first campaign/candidate until 1840 -
Re-Chartering The Second Bank
Opponents of Jackson (including Clay and Webster) passed a bill that rechartered the Second Bank of the United States. Jackson vetoed the bill. -
Jackson Ends Deposits
Andrew Jackson orders an end to deposits of government money in the bank as well as gradual withdrawals of the money already in the bank's custody. These funds were then put into state banks (called pet banks) -
Specie Circular
Jackson prohibited payment for public lands in anything but gold or silver because he believed that gold and silver were the only sound currency. This was thought to curb inflation. -
Anti-Banking Measure
Congress voted to deprive pet banks of federal deposits. -
British Interest Rates
Britain suddenly raised interest rates, which drastically reduced investment in the American economy and forced a number of states to default on loans from foreign investors. -
Martin Van Buren elected
Because he is president right before the panic of 1837, he is blamed for this event. -
Panic of 1837
"A deep financial depression struck the nation. Cotton prices fell by half. In New York City, 50,000 people were thrown out of work and 200,000 lacked adequate means of support. Hungry mobs broke into the city's flour warehouse. From across the country came "rumor after rumor of riot, insurrection, and tumult." Not until the mid-1840s would the country fully pull out of the depression"