Panic of 1837 By maxmcferrin4 Mar 2, 1811 William H. Harrison and the Whig party take control Mar 3, 1811 2nd bank of the united states officially closes and goes out of business the 2nd national bank is shut down. Mar 3, 1816 Jackson vetoes the renewal of the 2nd B.U.S. Mar 3, 1816 Jacksons orders the pulling of government funds from the 2nd B.U.S. to be deposited in state "pet banks" Mar 3, 1832 State banks begin to accept payment only in specie Mar 2, 1834 Jackson censured by the senate for putting federal funds in state banks government cannot get any money Mar 3, 1834 Nicholas Biddle demanded that old loans be repaid and no new loans Mar 2, 1837 Banks run out of of gold/silver and the government can not get any money Mar 2, 1837 Martin Van Buren took office. Martin Van Buren was in office in 1837 till 1841. Mar 3, 1838 Specie Circular- Must use a gold/silver to buy land