The Panic of 1837 occurred during Martin Van Buren's presidency and was caused by heavy borrowing from citizens that was then invested in speculative ventures. This led to a record unemployment rate and the failure of New York banks. Van Buren was blamed for the crisis and the Whig Party took control of Congress in the 1840 election. Recovery efforts included a brief period of improvement from 1838-1839, followed by Van Buren's sub-treasury system and the Tariff of 1842, though it caused splits in the Whig party and was later repealed.