Martin van Buren was Andrew Jackson's vice president and successor. As president, he faced the Panic of 1837 economic crisis without the ability to control national finances as Jackson had dissolved the Second Bank. Unemployment rose to over 30% in the Northeast. Van Buren denied requests to reduce land prices in the West to help alleviate problems. Meanwhile, American settlers in Texas declared independence from Mexico in 1835 after Mexico banned further settlement and increased taxes on slaveholders. Van Buren denied Texas's request to join the Union in 1837 to avoid upsetting the balance of slave and free states. His failure to help unemployed Americans led to his defeat in the 1840 election.