Panic-1837

Panic of 1837 Begins as Banks Refuse Specie Conversion, Triggering Five-Year Depression

1837-05-10 00:00:00 +0000 UTC | Importance: 8/10

Just two months into Martin Van Buren’s presidency, major New York state banks refuse to convert paper money into gold or silver on May 10, 1837, having exhausted their hard currency reserves. Other financial institutions across the country quickly follow suit, triggering the Panic of 1837—a …

Martin Van Buren Andrew Jackson New York banks State banks U.S. Congress financial-crisis economic-policy banking-system panic-1837 jackson-era +1 more

Jackson Issues Specie Circular Requiring Hard Money for Land Purchases, Triggering Credit Contraction

1836-07-11 00:00:00 +0000 UTC | Importance: 7/10

President Andrew Jackson orders Treasury Secretary Levi Woodbury to issue the Specie Circular, an executive order requiring that payment for public lands be made exclusively in gold or silver (specie) rather than paper currency, effective August 15, 1836 for purchases over 320 acres. The policy aims …

Andrew Jackson Levi Woodbury Martin Van Buren U.S. Treasury Department Land speculators financial-manipulation economic-policy jackson-era banking-system land-speculation +1 more