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Panic of 1837
 Van Buren is president
 Heavy borrowing from citizens
 Investing of borrowed money




Background
   Jackson cancels Bank of U.S.
   Specie Circular
   Failure of wheat crops; high grain prices.
   Failing British Banks
   Land speculation




Causes
 Record unemployment rate
 Failure of New York banks
 Van Buren blamed, Whig Party takes 1840
  election




Effects
 Divorce Bill
 1838-1839: Brief recovery, soon ended
 Sub-treasury system




Recovery Efforts
   Tariff of 1842
    ◦   Reverse effects of Compromise Tariff of 1833
    ◦   Raised average rate to 40%
    ◦   New payment system
    ◦   International trade declines
    ◦   Caused split in Whig party
    ◦   Repealed by Walker Tariff




Final Recovery
   http://www.publicbookshelf.com/public_html/The_Great_Republic_By_the_Master_Historians_Vol_
    III/thepanic_ce.html
   http://www.u-s-history.com/pages/h967.html
   http://thehistorybox.com/ny_city/panics/panics_article5a.htm




Sources
The End

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Panic of 1837

  • 2.  Van Buren is president  Heavy borrowing from citizens  Investing of borrowed money Background
  • 3. Jackson cancels Bank of U.S.  Specie Circular  Failure of wheat crops; high grain prices.  Failing British Banks  Land speculation Causes
  • 4.  Record unemployment rate  Failure of New York banks  Van Buren blamed, Whig Party takes 1840 election Effects
  • 5.  Divorce Bill  1838-1839: Brief recovery, soon ended  Sub-treasury system Recovery Efforts
  • 6. Tariff of 1842 ◦ Reverse effects of Compromise Tariff of 1833 ◦ Raised average rate to 40% ◦ New payment system ◦ International trade declines ◦ Caused split in Whig party ◦ Repealed by Walker Tariff Final Recovery
  • 7. http://www.publicbookshelf.com/public_html/The_Great_Republic_By_the_Master_Historians_Vol_ III/thepanic_ce.html  http://www.u-s-history.com/pages/h967.html  http://thehistorybox.com/ny_city/panics/panics_article5a.htm Sources